Schwarzenegger names Warren Buffett as campaign adviser

LOS ANGELES -- Arnold Schwarzenegger has named Warren Buffett as his senior financial and economic adviser in his bid to replace Gray Davis, the Republican's campaign announced Wednesday.

Buffett, chairman of Berkshire Hathaway, is a billionaire investor legendary for his financial prowess. He is also a Democrat.

"What he will be doing is assembling other prominent business leaders and economists and setting up a team to address the issues facing California," said Schwarzenegger spokesman Sean Walsh.

Buffett said in a statement: "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."

Buffett has lent political assistance in the past to former Nebraska Sen. Bob Kerrey.