Michael Phelps OK With Sponsors For Now

Michael Phelps doesn't seem to be in much hot water with his sponsors despite being photographed inhaling from a marijuana pipe. From apparel company Speedo to luxury Swiss watchmaker Omega, several sponsors are standing by the 23-year-old swimming phenom—at least for now—and have accepted his public apology. Other big companies, like Visa Inc., Subway and Kellogg Co., aren't talking yet.

Experts say if Phelps doesn't stick to the straight and narrow, he could hurt his chances at future endorsements. And there's no guarantee he won't be dropped quietly once the furor dies down.

After being photographed smoking a bong in South Carolina, swimming superstar Phelps apologized for "regrettable" behavior and "bad judgment. More here.

Radley Balko writes the statement Phelps should have delivered. Yesterday, I asked a basic question: Is Doing Bong Hits When You're A 23-Year-Old Swimming Legend Really "Regrettable" Behavior?