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To: StocksDATsoar who wrote (118099)	8/13/2003 6:53:48 PM
From: StockDung	Read Replies (1) \| Respond to of 150070

Warren Buffett Recruited as Schwarzenegger's Adviser (Update4) Aug. 13 (Bloomberg) -- Billionaire investor Warren Buffett has agreed to be the senior financial and economic adviser for actor Arnold Schwarzenegger in his bid to replace California Governor Gray Davis. Buffett, the world's second-richest man with $35 billion according to Forbes magazine, owns businesses including Fruit of the Loom Ltd., Geico Corp., and International Dairy Queen Inc. through his investment company, Berkshire Hathaway Inc. Schwarzenegger, 56, has said he will solve the state's financial problems by luring business to California, the largest U.S. state and home to corporations such as Intel Corp. and ChevronTexaco Corp. Buffett may provide a boost to Schwarzenegger, a first-time campaigner who is already the most popular of some 200 candidates in the Oct. 7 election. ``It gives total credibility to Schwarzenegger,'' said Clark Stamper, who oversees about $900 million of municipal bonds at Stamper Capital & Investments in Santa Cruz, California. ``You couldn't name a better person. What else could you have asked for?'' California has the highest borrowing costs and the lowest credit rating of any U.S. state. Opponents of Davis, a Democrat, have faulted his handling of the state's budget as it dealt with a $38 billion deficit. According to polls released this week, more than half of California voters would choose to remove Davis less than a year after he won a second term. Schwarzenegger is the most popular of the candidates to replace him. Known for Years Buffett's assistant, Debbie Bosanek, confirmed the campaign statement and said she had no details about Buffett's role in the campaign. Buffett owns 37 percent of Berkshire's outstanding shares, according to filings. The company's market value is $115.3 billion, based on closing share prices today. ``I have known Arnold for years and know he'll be a great governor,'' Buffett, 72, said in a statement released by the Schwarzenegger campaign. ``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.'' Schwarzenegger, a Republican who announced his candidacy a week ago, has yet to reveal what policies he would follow if elected. Buffett, a Democrat, has supported legislation preventing national political parties from raising unlimited political contributions known as ``soft money'' and criticized President George W. Bush's proposal to cut taxes on dividends. Buffett, whose wife, Susan, lives in California, is the world's second-richest person after Microsoft Corp. Chairman Bill Gates. Good Timing Buffett gave $8,300 to candidates in both parties in the 2000 election, according to FECInfo, which tracks campaign finance. Among the candidates he supported were Representative Christopher Shays, a Connecticut Republican who has sponsored campaign reform legislation, and Senator Hillary Rodham Clinton, Democrat of New York. Berkshire, which earns about half its profit from insurance companies including General Reinsurance Co., National Indemnity Co. and Geico Corp., has benefited from the highest premiums in almost a decade and few losses from natural catastrophes. Buffett also generated about $600 million of capital gains by selling U.S. Treasury debt. The Treasury sales came before 10-year government notes tumbled in July and yields -- which move in the opposite direction of prices -- surged about 0.9 percentage point, the most since May 1984. Schwarzenegger won six straight Mr. Olympia titles from 1970 to 1975, according to the International Federation of BodyBuilders website. His combined Mr. Olympia prize money of $7,250 invested in Berkshire Hathaway stock in 1976 would be worth about $8 million today. Last Updated: August 13, 2003 17:37 EDT