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The Wall Street Journal Letter to the Editor: Arnold Shouldn't Align With Omaha | Cypress Semiconductor

The Wall Street Journal Letter to the Editor: Arnold Shouldn't Align With Omaha

Last Updated: 
Sep 03, 2009

The Wall Street Journal Letter to the Editor: Arnold Shouldn't Align With Omaha

T.J. Rodgers' Letter to the Editor on Arnold Schwarzenegger published in the August 25, 2003 issue of The Wall Street Journal.

Arnold Shouldn't Align With Omaha

My choice for California governor is ABD, Anybody But Davis, the man who put our state $49 billion in debt by buying power at astronomical prices and selling it below cost at 15 cents per kilowatt hour.

Unfortunately, the leading ABD contender, Arnold Schwarzenegger, has made a big mistake by aligning with Warren Buffett, whose economic philosophy directly opposes the economic practices that created Silicon Valley.

Mr. Buffett has been a long-standing foe of stock options, which Silicon Valley uses ever so successfully to spread wealth among the rank and file. He became the world's second-richest man by keeping the stock of acquired companies for himself, not by offering it to his employees.

Mr. Buffett recently went off the deep end, proposing a general ban on derivative securities (options, puts, calls, etc.), labeling them "the weapons of mass destruction of the financial world." Thankfully, Fed Chairman Alan Greenspan dismissed Mr. Buffett's attack on derivatives the same day it was made.

If Mr. Schwarzenegger wants to be the governor of California, he should dump the loose cannon and give us an economic plan suited to California, not Omaha.

T.J. Rodgers
President & CEO
Cypress Semiconductor
San Jose, Calif