Some post-Olympic partying has quickly turned into the bong hit heard 'round the world. Since a damning photo was published on Sunday, U.S. Swimming has suspended Michael Phelps for three months and Kellogg's has dropped the golden swimmer from an endorsement deal. "It was a bad judgment and I can learn from it," Phelps says. "I have to live with the mistake."
Watch the video:
Commentary from the Cato Institute: Arrest Michael Phelps Right Now!
POST YOUR COMMENTS BELOW