CVE 2008-4865
Untrusted search path vulnerability in valgrind before 3.4.0 allows local users to execute arbitrary programs via a Trojan horse .valgrindrc file in the current working directory, as demonstrated using a malicious --db-command options. NOTE: the severity of this issue has been disputed, but CVE is including this issue because execution of a program from an untrusted directory is a common scenario.
See the 
CVE page on Mitre.org
for more details.
