http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2003/08/14/cnbuff14.xml
Buffett to co-star in Governator's roadshow By Simon English (Filed: 14/08/2003)
Arnold Schwarzenegger's bizarre bid to be governor of California got a jolt of credibility from an unlikely source yesterday when billionaire investor Warren Buffett agreed to be his chief economic adviser.
The link-up between the film star and the low-key hero of corporate America gives impetus to a campaign derided until now as long on razzamatazz but short on policies.
The two men differ in almost every way imaginable but are said to be good friends. Last year they arrived together at a gathering of businessmen and financiers at Waddesdon Manor, the ancestral home of the Rothschild banking family.
When he made the decision to run this month, Schwarzenegger was forced to declare his financial dealings. They included a $75 coffee table book from Mr Buffett.
Schwarzenegger is regarded as a gung-ho Republican who may lean towards the left on social issues such as gay marriage. Mr Buffett, despite his wealth, is a staunch opponent of President Bush's economic policies. He is also a supporter of pro-choice groups.
The so-called Sage of Omaha is also a critic of executive pay who believes Mr Bush's tax cuts "scream of injustice". He also favours a high level of inheritance tax because of his dislike of unearned wealth.
So far Schwarzenegger has declined to discuss the platform for his run for governor, saying the details would follow. He told an Austrian paper recently that he was "a moderate conservative with the strongest social conscience". He pledged to assemble a team of leading businessmen to back his bid, but until yesterday few realised how serious this claim was.
A statement yesterday said Mr Buffett would use his influence to gather other moguls to back Schwarzenneger while advising the star of Total Recall on the economic issues facing California.
Schwarzenneger, who earned $57m (£35m) in 2000 and 2001, will not reveal his full net worth, but it is unlikely to be anywhere near that of Mr Buffett, the world's second richest man after Microsoft's Bill Gates. His personal wealth is put at $35 billion.
Mr Buffett, who has long enjoyed the company of the rich and famous, said: "I have known Arnold for years and know he'll be a great governor.
"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." His folksy, humourous style will contrast sharply with an actor better known for actions than words.
>From: Doug Henwood <dhenwood at panix.com>
>Reply-To: lbo-talk at lbo-talk.org
>To: lbo-talk <lbo-talk at lbo-talk.org>
>Subject: [lbo-talk] Buffett advising Kerry
>Date: Wed, 5 May 2004 12:08:17 -0400
>
>[so it's the value investors vs. the supply siders?]
>
>Buffett joins Kerry's economic team
>World's 2nd wealthiest person and critic of White House tax plan says
>election is more about Bush.
>May 3, 2004: 7:09 AM EDT
>
>OMAHA, Neb. (Reuters) - Warren Buffett, the world's second wealthiest
>person, said Sunday he had joined Democratic presidential candidate John
>Kerry's economic advisory team.
>
>Buffett has long been a critic of the tax policies of the Bush
>administration, which he believes favor the wealthy and big corporations
>over the middle class.
>
>"I'm available if anyone wants to ask my view of anything," Buffett said of
>his involvement with Kerry at a news conference in Omaha, Neb., a day after
>the annual meeting of his Berkshire Hathaway Inc.
>
>Buffett said Kerry had asked him three weeks ago if he would be part of an
>economic advisory council that includes Robert Rubin, who was Treasury
>Secretary in the Clinton administration. Buffett said he had accepted.
>
>Buffett, whose net worth is estimated by Forbes at $42.9 billion, said he
>was not likely to have much contact with Kerry and expected to play a
>limited role.
>
>He said that he believed the election would be more about Bush than about
>Kerry.
>
>"I personally think our election will be a referendum on George W. Bush,"
>Buffett said. "The Kerry campaign is much less important than how people
>feel about Bush."
>
>Buffett's support of Kerry is the second time in the past year he has
>entered the political fray. Though a Democrat, Buffett was an economic
>advisor to Arnold Schwarzenegger, a Republican, in his successful bid to
>become governor of California. ___________________________________
>http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk