Arnold Schwarzenegger has picked enough fights and been just incompetent enough to drive his approval ratings down and dim his re-election chances, but it’s recklessness like this that makes one wonder if he’s completely lost his mind.
Two days before he was sworn into office, Gov. Arnold Schwarzenegger accepted a consulting job paying an estimated $8 million over five years to “further the business objectives” of a national publisher of health and bodybuilding magazines.
The contract pays Schwarzenegger 1% of the magazines’ advertising revenue, much of which comes from makers of nutritional supplements. Last year, the governor vetoed legislation that would have imposed government regulations on the supplement industry.
According to records filed Wednesday with the Securities and Exchange Commission, Schwarzenegger entered into the agreement with a subsidiary of American Media Inc. on Nov. 15, 2003. The Boca Raton, Fla.-based company publishes Muscle & Fitness and Flex magazines, among others.
Taking millions from an industry to represent their interests and then vetoing a bill in order to help the industry is criminally stupid. Legislatures write conflict-of-interest laws for just this kind of situation.
Did Schwarzenegger assume no one would ever notice? Dd Schwarzenegger really need another $8 million? For that matter, wasn’t Schwarzenegger’s entire campaign platform specifically geared to tell voters he’d expose and eliminate just this kind of corruption?
It’s also worth noting that the two parties involved went to some lengths to keep the contract secret.
As recently as a few days ago, American Media refused to say anything about Schwarzenegger’s pay. The company filed an 83-page annual financial statement with the SEC last month that, in one paragraph, mentioned a consulting agreement with an unnamed “third party.” Stuart Zakim, an American Media spokesman, refused to say whether the third party was Schwarzenegger.
American Media, which also owns the National Enquirer, the Globe and the Star tabloids, made public the terms of Schwarzenegger’s contract in a separate SEC filing Wednesday.
Well, it’s probably a good thing that Schwarzenegger doesn’t seem to enjoy being governor anyway, because he’s toast.
The only thing I wonder now is whether some other California Republican will step in to either challenge Schwarzenegger in a GOP primary or just push Schwarzenegger out of the way entirely.