The BIGGEST problem facing California is their sinking bond ratings, and face it, they're going to have to get that straightened out so they don't have to raise taxes. Raising taxes in California would spell disaster and even Buffet has to know that. However, his experience in the bond market will prove invaluable for California.
Now, if he moves into the statehouse after the election, I might just have a problem with it, but I don't expect Buffet would be willing to waste the time.