Easy come, easy go: Arnold gives up $5-million magazine deal after drawing fire

Didn't even have a chance to post this one before the Governator backed down and said he would not take $5-million, $8-million or whatever from fitness magazines for "consulting" work. He still insists he sees no conflict, though, the AP reports:

SACRAMENTO, Calif. - Although Gov. Arnold Schwarzenegger pulled the plug on at least $5 million in payments from fitness magazines, he said he never felt there was a conflict of interest. Schwarzenegger was criticized last week after it was revealed that he vetoed a bill regulating food supplements while taking money from glossies that profit from the industry. But in an interview with the Associated Press, he said his support for the magazines and nutritional supplements dates to his days as a body builder.

"This has nothing to do with money," he said in a telephone interview from Los Angeles. "Of course, for me, it was a love for the sport. I always felt that if I could achieve all I could through the sport, there are millions of young kids that can use that sport as a way of building their body and gaining self confidence."

The LA Times earlier report, which broke the story and raised the questions:

Gov. to Be Paid $8 Million by Fitness Magazines

The publications rely heavily on advertising for dietary supplements. Schwarzenegger vetoed a bill that would have regulated their use.

"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.

"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."

Ya think?