Candidate Schwarzenegger Taps Buffett as Economic Advisor
By Glenn R. Simpson, Staff Reporter of The Wall Street Journal
WASHINGTON -- Actor Arnold Schwarzenegger, the leading Republican candidate for governor of California, has signed up investing legend Warren Buffett (news - web sites) as an economic advisor.
Mr. Schwarzenegger signed up Mr. Buffett, a longtime friend, after a round of personal wooing in recent days, two people familiar close to the Schwarzenegger campaign said. Both Mr. Buffett, the billionaire chief executive of Berkshire- Hathaway Inc. (BRKA, BRKB), and the Schwarzenegger campaign had no immediate comment. The campaign says it is planning an announcement of interest to the financial community.
The backing of Mr. Buffett the billionaire could be a major boost to the credibility of Mr. Schwarzenegger the action-film star, who thus far hasn't taken many positions and whose capacity to govern the huge state has been ridiculed.
"If Warren Buffett thinks Arnold Schwarzenegger has the chops to run the world's sixth-largest economy, I would take that as quite an endorsement," said political analyst Bill Whalen of Stanford University's Hoover Institution.
Mr. Buffett is often identified with Democratic causes -- he contributed to the campaign of Sen. Hillary Rodham Clinton (news - web sites) -- but is believed to be politically middle of the road.
------------------
Sounds to me like this is one of a number of advisors, but regardless, the announcement from Schwartz's campaign hasn't been formally made, so what role, or how extensive a role Buffett would have is completely speculation. The fact the Hoover Institute guy thinks Buffett's endorsement is pretty good is good enough for me.
We don't know know what Buffett will be advising Arnold on. Frankly, if he's going to be advising him on the nature of market investments in the overall economy, it sounds like a pretty good pick.