Michael Phelps, the man with the wingspan of a large bird, has been photographed using a bong. It is very likely that he was smoking some marijuana.

Since this is a business blog, I want to discuss the problems the ‘morality clause‘ can cause for endorsements. A morality clause usually says that a contract can be cancelled or have its value reduced if the athlete engages in certain activities. Michael Phelps’ contracts are sure to have a morality clause, and they will be invoked, if not to cancel the contract, then to subtly renegotiate the contract.

The most famous morality clause whopper was for Kobe Bryant, whose famous incident  in Colorado is estimated to have cost him $300 million.