This story was on the front page of the LA Times today.
From LA Times story:
Governor to be paid $8 million by Fitness magazines
SACRAMENTO — 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.
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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.
Watchdog groups and state lawmakers called the contract — which refers to Schwarzenegger as "Mr. S" — a conflict of interest.
Larry Noble, executive director of the Center for Responsive Politics in Washington, D.C., said: "This is one of the most egregious apparent conflicts of interest that I have seen. This calls into question his judgment as to who he is working for, and it calls into question what he thinks he owes the public."
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The contract calls for the governor to help the company through his own suggestions and by "being responsive to the reasonable requests" of Weider Publications, a subsidiary of American Media.
In a concession to Schwarzenegger's job as California governor, the agreement says that he is not compelled to work for the company during "normal business hours on business days."
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The governor announced last year that he had agreed to become executive editor of Muscle & Fitness and Flex. He writes monthly columns for both, dictating them to the editorial staff of the magazines. The governor's office had declined to reveal his salary.
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...the state form calls for little specificity, requiring only that public officials report income in excess of $10,000. The statement offered no more detail. And unlike past governors,
he has declined to make his tax returns public.The contract shows that Schwarzenegger's firm, Oak Productions, gets 1% of the subsidiary's annual advertising revenue. It holds that "in no event" will payment be less than $1 million a year.
The agreement estimates that the governor's company will receive $2.15 million in fiscal year 2006; the same amounts in '07 and '08; and $1.7 million in '09. Those sums exceed the salary of the chairman and CEO of American Media, David J. Pecker, whose base pay this year is listed at $1.5 million.
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Link to article:
http://www.latimes.com/news/local/la-me-governor14jul14,0,2776728.story?coll=la-home-headlines