More politics. California governor candidate Arnold Schwarzenegger may have gotten more than he bargained for by tapping Warren Buffet to lead his inner circle of financial advisers, The New York Post reports.

The chief executive officer of Berkshire Hathaway is reportedly calling for property taxes "in the state of mansions in Malibu, Beverly Hills [and] Santa Barbara to go up." Buffet has reportedly told "Ahnold" that if he waffles on this point – which would be one of the few concrete issues to come out of Schwarzenneger’s campaign thus far – Buffet will walk.

Although many in the mutual fund industry listen unquestionably to what the sage of Omaha has to say, it would appear that, in this case at least, it would have been wise for Schwarzenegger to have asked Buffet a question or two before making headlines by bringing him on board.

As The Post’s item – in Cindy Adams’ gossip column, no less – concludes, "This production needs the direction of a Spielberg."


The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.


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