Arnie picks billionaire adviser
2003-08-14 10:26
Los Angeles - Action movie star Arnold Schwarzenegger on Wednesday named billionaire businessman Warren Buffett as his chief economic adviser, adding heavyweight muscle to his campaign to be California's next governor.
The ex-bodybuilder's coup in enlisting one of the world's top investment wizards came as he took flak from critics for failing to lay out clear plans to tackle the state's financial morass if he wins the October 7 elections.
Buffett plans to help the brawny Republican actor-turned-politician assemble other prominent business leaders and economists to advise him on the economic issues that confront the nation's most populous and diverse state.
"He is truly a giant in the world of finance, and he will be a huge help to me as we work to strengthen California's economy," Schwarzenegger said.
'My mentor, my hero'
"He is the greatest investor ever, my mentor, and my hero," he said of the chairman of the Nebraska-based Berkshire Hathaway insurance and investment group.
Buffett's appointment came as Schwarzenegger shook up his campaign team just one week after announcing he would run in the special recall election aimed at booting out Governor Gray Davis.
It also preceded an announcement by state officials that the actor was one of 135 candidates to officially qualify for the vote that has focused world attention on what would otherwise have been a regional contest.
"I have known Arnold for years and know he'll be a great governor," Buffett, a Democrat, 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."
The tycoon's appointment is seen as a boost to Schwarzenegger's drive to replace embattled Democrat Davis, as Buffett has a long experience of dealing in financial disasters and emerging richer from them.
If he becomes governor, he will be under massive pressure to resolve California's record budget deficit of 38 billion dollars, which has forced downgrades in its debt rating as well as massive cuts in services.
The smooth-talking "Terminator" star already been accused by critics of being the master of an empty soundbite because he has so far been very sparse with details of how he plans to tackle the state's woes.
'Incalculable value'
"For Schwarzenegger to get this kind of support is of incalculable value," said Henry Hu, corporate and securities law professor at the University of Texas.
"Not only is Buffett the most important financial figure around, he has specific expertise in dealing with financial catastrophes," he said. "What bigger catastrophe is there than California?
"Buffett is the genuine article - and (is) perceived as such. For Buffett, a Democrat, to cross over like this is a spectacular coup for Schwarzenegger."
Schwarzenegger also quietly made other changes to his campaign line-up, including a decision to give his Democrat wife, Maria Shriver, a central role.
He also brought in Bob White, chief of staff to California's last governor, Republican Pete Wilson, to drive the campaign. Wilson also is advising Schwarzenegger's bid.
Journalist and Kennedy clan member Shriver was given more say after she was reportedly angered by the organisation of the launch of the campaign, including a series of television interviews in which Schwarzenegger declined to get into the specifics of his platform.
The Austrian-born film star and former Mr Universe is among a field of 135 candidates certified by state officials Wednesday to replace Davis.
The wacky cast of characters also includes notorious pornography publisher Larry Flynt, X-rated actress Mary Carey and fallen child star Gary Coleman.
But there are also some serious candidates including millionaire Republican businessman Bill Simon - who challenged Davis for the job in November - independent political commentator Arianna Huffington, and former Los Angeles Olympics czar Peter Ueberroth, a Republican.