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Schwarzenegger signs up Buffet for campaign

Movie star Arnold Schwarzenegger has signed up well-known investor Warren Buffet to be the economic adviser to his bid to become Governor of California.

California state is suffering from a serious financial crisis with a budget deficit of nearly $40 billion.

Warren Buffet made his name as an investor by buying into under-performing companies, and enhanced his reputation by spurning the dot com investment boom of the late 90s.

Mr Buffet is the son of a Republican congressman and is nicknamed 'the sage of Omaha', after his company Berkshire Hathway's base in the state of Nebraska.

Elections for a new Governor in California have been set for 7 October.