Bill Clinton to take on Ahnold?

Not sure what to make of this, perhaps some resident Californians can validate my suspicions, but according to the SF examiner, Bill's being recruited by SoCal donors:

http://www.sfexaminer.com/articles/2005/08/29/columnists/p_j_corkery/20050829_co02_corkery.txt

As a native (but no longer resident) Californian myself, I don't like the sounds of it, Hillary had a hard enough time with the carpet-bagger label and it would make both of them look like opportunists (IMHO).

I'm all for homegrown Phil Angelides (State Treasurer) for Governor as Ahnold is tanking and we don't need Bill in this role (though I do like the idea of him regaining national prominence (Secretary of State, Ambassador to UN?) as I feel like he's a strong advocate for Democratic principles and the Republicans are trying to undermine his legacy).