Warren Buffett Joins Schwarzenegger's Team

Reuters ^ | Wed August 13, 2003 03:35 PM ET | Adam Tanner

[ckilmer]

Warren Buffett Joins Schwarzenegger's Team Wed August 13, 2003 03:35 PM ET

By Adam Tanner SAN FRANCISCO (Reuters) - Arnold Schwarzenegger added financial heavyweight Warren Buffett to his team on Wednesday as California officials set about finalizing the longest-ever list of candidates in the state's recall election.

"I have known Arnold for years and know he'll be a great governor," Buffett, one of America's best-known and most respected investors, said in a statement. "It is critical to the rest of the nation that California's economic crisis be solved, and I think Arnold will get that job done."

Democrat Gray Davis, unpopular because of the state's record budget deficit, faces the first recall vote against a California governor in the state's history on Oct. 7. Should voters recall him, the alternative candidate with the most votes will take over the richest U.S. state.

After a blast of publicity following his surprise announcement a week ago Wednesday, actor Schwarzenegger has in recent days concentrated on putting together his team, many of whom are veterans of former Republican Gov. Pete Wilson's administration.

In a move that could add gravitas to the campaign, Berkshire Hathaway chairman Buffett will help Schwarzenegger assemble top experts to advise him on the economy, the campaign said.

Schwarzenegger "has been meeting with advisers, talking with individuals who will be joining his campaign and laying out goals and priorities for his proposals he will be laying out as the campaign moves forward," spokesman Sean Walsh said.

Earlier on Wednesday, a report in the Los Angeles Times said Schwarzenegger had "shaken up" his campaign team, but Walsh denied that characterization.

"We are simply adding people to this campaign to make sure this campaign can operate as fully and as effectively as possible. There is no staff shake up, there is just the addition of people to make sure this campaign is world class."

Responding to criticism that the star of the "Terminator" films has avoided taking positions on tough issues, Walsh said Schwarzenegger would detail his proposals in the coming weeks.

CALLS TO CLINTON

Meanwhile, the final list of candidates was due later on Wednesday, but state election officials said they had already rejected several dozen applications as incomplete.

Among the 171 pending or certified candidates were Hustler publisher Larry Flynt and diminutive television actor Gary Coleman. Porn actress Mary Carey (real name Mary Cook) also made the ballot, pledging to wire every room of the governor's mansion with live Web cams if she wins.

More conventional candidates include Republican Bill Simon, who ran against Davis last November and lost, and California's No. 2 state executive, Lt. Gov Cruz Bustamante, a Democrat.

Gov. Davis has adopted a "rose garden" strategy of trying to stay above the political fray and show voters he was doing his job rather than campaigning.

"The governor is focused on governing," a top aide said. "He is not running against Arnold Schwarzenegger."

The aide said Davis has often sought advice in recent days from Bill Clinton, one of only two U.S. presidents impeached by the House of Representatives. Clinton was later acquitted by the Senate over the Monica Lewinsky sex scandal.

The Davis aide said the former president advised his fellow Democrat to stay above the fray, focus on the recall process rather than make it a personality contest and avoid sparring with Schwarzenegger.

An aide to Clinton at his New York office said he had previously scheduled a visit to California in September, although no rallies with Davis have yet been announced.

[EternalVigilance]

Oh, it happens to everyone now and again.

Have a good evening.

[Torie]

A very well written and most enjoyable script. Would that it be true. Things will move much faster than in a weekly cycle in this election. Still, if Arnold sounds intelligent and composed, and admits that on some things he just doesn't know yet, but when he is ready to intelligently opine, he will, and stay tuned, or say that after reflection, it depends on this or that, and we will have to just watch and wait, I suspect, that will favor with voters. What they are looking for is candor here, and maybe Arnold's advisors are smart enough to make candor job one.

[habs4ever]

My nose says Buffett is on board to figure out the energy contracts.

[Torie]

Lawyers are needed for that. After getting some help around here, and doing a Westlaw search, it does appear assuming the facts are right, that the contracts may be voidable per a statute in the state law. I found the dealing with the remedy for financial conflict of interests that had the word "avoidable," which I think is Valleytalk for "voidable."

[habs4ever]

Has The Good Doctor paid off his campaign debts yet,EV?

You really shouldn't be casting asperions about Steve Forbes, besmirching his character,considering your association and compensation, from a professional gadfly and grifter.

You have run around FR the past two days publicy whining about having your name abused, yet what did you just do to Steve Forbes, for no reason whatsoever? You are such a small man,EV, but you living proof why Keyes picked you for his team.Birds of a feather.

[habs4ever]

No.

Buffett also is the largest owner of private electric utilities in the West.

[Torie]

What does "no" mean here?

[habs4ever]

You assumed this was a legal matter, on the mention of contracts.Buffett brings an understanding of the actual business and trading of energy contracts and the delivery of energy.The people of your state have not been well served by those charged with such tasks.

[Torie]

Clearly, but the issue now is getting out of these contracts. Maybe Buffet is there to opine that Davis was a nutter for signing them, but I doubt it. I think Buffet is there for his name (which I admit is significant), and will say nothing. But we shall see.

[habs4ever]

I disagree, which I why I posted what I did.

[Torie]

You think Buffet will issue a white paper to say that Davis was a nutter for going long to hedge spot price energy contracts, given the facts on the ground at the time? If he does, that would be fascinating.

[EternalVigilance]

Hey, he's a public figure. I have a perfect right to give my opinion of him, based on my experience...just as you have a right to rail at Keyes like you always do.

Why do you think you have this right, but I don't?

He was being held up as some paragon of conservatism, and it just isn't true.

Like I said, his current support of a pro-death candidate just shows how shallow his pro-life position really is.

[habs4ever]

Has Keyes paid his debts yet? When you get on your high horse and hurl thunderbolts at other candidates because you feel they are opportunists, they come hurling back at you.

Hypocrite.

[EternalVigilance]

You're the hypocrite.

You think you can incessantly demonize Alan Keyes, but if anyone says a word about someone backing your leftist agenda, that's unacceptable.

Get off it.

[rolling_stone]

The state IMO should have sued to void the contracts based on fraud and unconscionability..they have proven some illegal manipulation, which made the market deceptively high...

Fraud is the intentional misrepresentation of an important issue of the contract. The presence of fraud in a contractual proceeding makes the contract voidable by the party upon whom the fraud was perpetrated.

Unconscionability
A contract may be unenforceable if it is found by a court to be flagrantly unfair. This defense is usually found in consumer cases, in which a person buys an item under terms so grossly unfair to the customer that the court refuses to enforce the contract.


http://www.weblocator.com/attorney/ca/law/c06.html

[habs4ever]

I have no leftist agenda, .I am not as dogmatic and filled with righteous zealotry like you, which makes you think I'm on the left.

Face it EV, you don't work well with others because you loathe the idea of compromise, so you demonize those who disagree with you.I have pointed out your close association with a grifter, Keyes, who hasn't paid his debts, which should be just cause to have someone with your moral sense to be all outraged, and yet, not a peep from you.That's why the I could never, ever take all your moral blather seriously.You are as smelly as the Good Doctor.

That doesn't stop you from excoriating those who support Arnie, to those who have joined his campaign, to hell...anyone who crossed their eyes looking at you.You are everything you accuse others of being, and the eptiome of small minded, ill tempered fanaticism.

You are born to lose.

[EternalVigilance]

Fact it habs, you just hate conservatives.

You and Arnie are a perfect fit.

[habs4ever]

I'm not into self loathing, though you maybe,considering your track record.

There are lots of conservatives, separated by varying degrees, but for you to say I hate them is testament that you really lack the brains to make any mark in politics.I can rest easy knowing you'll never get near any semblance of power, nor have any influence outside your meagre circle of zealots.

You are a figure of mockery,EV.

[EternalVigilance]

Mockery is your crowd's strong suit.

[Moby Grape]

Buffet advising Arnold is evidence that Arnold will not do what is needed to solve the problems in California, to the endangerment of nation and the GOP.