QEMU fails to build on CentOS 5.10 with relocation R_X86_64_PC32 error

  lt LINK libcacard.la
/usr/bin/ld: libcacard/.libs/vcard.o: relocation R_X86_64_PC32 against `vcard_buffer_response_delete' can not be used when making a shared object; recompile with -fPIC
/usr/bin/ld: final link failed: Bad value
collect2: ld returned 1 exit status
make[4]: *** [libcacard.la] Error 1
make[3]: *** [subdir-libcacard] Error 2

I have bisect'd this to:

dcs-xen-53:~/qemu>git-bisect next
00c705fb92bc6e69e955aeac3614e05ca02feacd is the first bad commit
commit 00c705fb92bc6e69e955aeac3614e05ca02feacd
Author: Paolo Bonzini <email address hidden>
Date:   Tue May 29 11:40:24 2012 +0200

    build: libcacard Makefile cleanups
    
    Build vscclient from toplevel Makefile, limit usage of vpath.
    
    Signed-off-by: Paolo Bonzini <email address hidden>

:100644 100644 a10005a22fe44a107dfec15106960612b43be71f 1d34b9539e9ba47fdb7028ad0569389fa48712b9 M      Makefile
:100644 100644 ae3770a5f718742838844f9064be6a7153ac7469 74110dda7e38b8ddae47a53ad4cb6ecf48231fa0 M      Makefile.objs
:100644 100644 3dfdf925fdc2c92239b7053a3d4e09687dcc2171 555894db4aa717f15cfc24093d838131f422fc78 M      Makefile.target
:100755 100755 e50ad0bb8fc2e331562f3c09e605af6597a143b1 cd5e8b349c137f621d2e9dc516145bc650d977c0 M      configure
:040000 040000 160d565b7e551c3248333c9e49f34edb7a30f5e0 008bc3fccda52f78accf9494539ba62bfb1621a0 M      libcacard

dcs-xen-53:~/qemu>git bisect log   
git bisect start
# bad: [7457fe9541b5162f285454947448d553a5d5a531] Update version for v1.7.0-rc2 release
git bisect bad 7457fe9541b5162f285454947448d553a5d5a531
# good: [ed7ec8400707fe42f4a0f40db2f2d5827ecea789] Merge remote-tracking branch 'bonzini/scsi.2' into staging
git bisect good ed7ec8400707fe42f4a0f40db2f2d5827ecea789
# bad: [1d31fca470648ec66afd8743491bfb5846306341] qemu-barrier: Fix compilation on i386 hosts
git bisect bad 1d31fca470648ec66afd8743491bfb5846306341
# good: [9de36b1a7cf61aa8be365f13c81668b3e19fbc7f] Make -machine/-enable-kvm options merge into a single list
git bisect good 9de36b1a7cf61aa8be365f13c81668b3e19fbc7f
# bad: [3edb8f92e8b5f18797693d8ed9fad3962e11e25d] target-s390x: Pass S390CPU to s390_cpu_restart()
git bisect bad 3edb8f92e8b5f18797693d8ed9fad3962e11e25d
# good: [aecff6924dab0197b6c8f132e44502b25fd98a38] hw/arm_gic: Make gic_reset a sysbus reset function
git bisect good aecff6924dab0197b6c8f132e44502b25fd98a38
# good: [b9531b6eed93c9e1769d6f371c4da5d1f955e0d1] block/qcow2: Add missing GCC_FMT_ATTR to function report_unsupported()
git bisect good b9531b6eed93c9e1769d6f371c4da5d1f955e0d1
# good: [dd86df756e02b684718dd5378725927361b0ad36] Merge remote-tracking branch 'sstabellini/for_1.1_rc3' into staging
git bisect good dd86df756e02b684718dd5378725927361b0ad36
# good: [8ebdf9dcc6036171a9f8bac3fe8dc459725a3e83] sun4u: Use cpu_sparc_init() to obtain SPARCCPU
git bisect good 8ebdf9dcc6036171a9f8bac3fe8dc459725a3e83
# good: [8867aef02e1e5817c72b2e09be4ae952eb0c9d9d] build: move ui/ objects to nested Makefile.objs
git bisect good 8867aef02e1e5817c72b2e09be4ae952eb0c9d9d
# bad: [e8de1ea849176812765bf30514f66c5450a1edc6] target-xtensa: add attributes to helper functions
git bisect bad e8de1ea849176812765bf30514f66c5450a1edc6
# bad: [fa79c914efd35cb60e0bc18512c03690c48b13e2] Merge remote-tracking branch 'bonzini/nested-makefiles-3' into staging
git bisect bad fa79c914efd35cb60e0bc18512c03690c48b13e2
# good: [c353f261946ddbd814b333ae2440712b486977fd] build: move per-target hw/ objects to nested Makefile.objs
git bisect good c353f261946ddbd814b333ae2440712b486977fd
# bad: [25f27a4f7160d077d6992e811021b4bc3a82abc1] build: compile oslib-obj-y once
git bisect bad 25f27a4f7160d077d6992e811021b4bc3a82abc1
# bad: [00c705fb92bc6e69e955aeac3614e05ca02feacd] build: libcacard Makefile cleanups
git bisect bad 00c705fb92bc6e69e955aeac3614e05ca02feacd
# good: [49ac9e0a8cfb737d6da9c0b056c062e3dec0ba45] build: move device tree to per-target Makefile.objs
git bisect good 49ac9e0a8cfb737d6da9c0b056c062e3dec0ba45