July 14, 2005
-- by Dave Johnson
California Governor Schwarzenegger was, by all appearances, paid at least $5 million, possibly much more, to veto food supplement regulation, specifically a bill to restrict the use of performance-enhancing supplements by high school athletes.
Schwarzenegger was paid to be a "consultant" to American Media, a company that publishes, among others, Men's Fitness, Muscle & Fitness, Muscle & Fitness Hers and Flex -- magazines that receive the bulk of their revenue from ads for "performance-enhancing supplements." Schwarzenegger receives a percentage of that revenue, and vetoed the bill to regulate these drugs. But his consulting duties are not clear, except that the job "takes up little time."
Mr. Schwarzenegger entered the arrangement with American Media in November 2003, a few weeks after being elected and two days before being sworn into office.$Moolah from companies that get their revenue advertising "performance enhancing" supplements. The more ads they get, the more moolah he gets. He vetoes the bill restricting these drugs. Do you think there might be a connection?
[. . .] Under the five-year contract, Oak Productions, Mr. Schwarzenegger's company, is to receive 1 percent of the net print advertising revenues of Weider Publications. But the payment must be at least $1 million a year.
Mr. Schwarzenegger has also been granted "phantom equity," a way of sharing in the growth of the value of the company. The equity could become worth 1 percent of the company's value, which was stated at the time of the contract as $520 million.
Update - It's the Republican Culture of Corruption.
TrackBack URL for this entry:
Listed below are links to weblogs that reference California Governor Schwarzenegger Paid At Least $5 Million to Veto Food Supplement Regulation:
» Resistance Is Feudal from Pacific Views
Digby explains the state of delusion that key members of the Bush cabal maintain permanent residence in: ...Anyway, it's imnportant to remember that within this administration are a whole bunch of people who think that the CIA is made up... [Read More]
Tracked on July 16, 2005 3:01 AM
Sor arnold works as a consultant to a media company who produces some magazines who recieve some of their ad budget from performance enhancing supplements (which include protein powders, carbo powders, vitamins, and creatine) and this is your beef with him? Talk about a byzantine stretching of reason!
The left seems to be going haywire, with your flinging accusations left and right (well, libertarian and right). Heck the Gov of Michigan accused a lawmaker and a college professor of Treason for proving her tax increases would result in the loss of 40K jobs from her state. Treason? For opposing tax increases? Ad that to the deplorable support of eminent domain in Kelo and you leftists are looking more and more like the old Brit Aristocracy.
You guys have lost it.
Posted by: Pericles at July 15, 2005 12:49 AM
Lefties have lost it? No, you've lost it, and are losing it.
Cunningham went down today. So many more to go.
Why don't you fine, upstanding righties start realizing the corruption that runs rampant on your side, and do something about it? Stop pretending you can't see the evidence in front of your noses already.
Posted by: donna at July 15, 2005 2:03 AM
Donna, save your breath (or in this case, your fingers). These people will never be able to accept any wrong doing within their party, they can't. This bunch of hooligans that have taken over our country give these poor souls a delusion of power and control. If they admit to one wrong doing then they may have to look at all the rest. They have built up a house of cards and the house is beginning to topple. The more unstabel it becomes the more fanatical they will become and the more they will try to blame the rest of us for their problems. Instead of arguing with them you should be feeling sorry for them because pretty soon their whole world is going to crash down around them. In the meanwhile, just let them take their tantrums and remember, there is no use trying to reason with, or trying to enlighten them because.....you can't make a silk purse out of a sows ear.
Posted by: Jane Algozzini at July 15, 2005 6:02 AM
Post a comment
Thanks for signing in, . Now you can comment. (sign out)(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)