Sanctions were handed down to Michael Phelps from the USOC stating that he will be suspended for three months and had his training stipend revoked by USA Swimming (an estimated $1750 per month). The reasoning for the sanction were explained as such:

"This is not a situation where any anti-doping rule was violated, but we decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming member kids who look up to him as a role model and a hero."

And let me be the first to say that the USOC is in for a world of hurt if this kind of thing continues. They have a liability on their hands in the form of Phelps but what choice do they have? They could have done nothing to protect their bread and butter superstar who will most surly win them another four medals (all likely to be gold) at the London games and everyone would have been just fine with it (except for all the "swimmer moms" out there who think their children are now going to quit swimming to start smoking weed at frat parties). But, instead, they went against the USADA (the anti-doping agency) who has already stated that this is not an issue that they plan on dealing with. Isn't that funny that they section of professional sports who deal with drug use are planning on doing nothing and the group who has everything to lose with the suspension of their biggest star are the ones who do actually act?
There are a few issues here that need addressing and the first has to do with Phelps's prior history of being a misfit. How quickly we all forget that the golden boy of the US Olympic team was pulled over for a DUI after the Athens games in his hometown just outside Baltimore. He was 19 and served 18 moths on probation. But wait, isn't the legal drinking age 21? Even in Maryland? Isn't that a lucky for him to have not lost his license or spent any time in jail? Not even a minute. Oh well. SO why does this come as a surprise that he would do something like this? It doesn't. He is not the bright person for someone who spends so much time in the national (or even international) spotlight. If I were the US Olympic committee I would have send him to counseling and let the national attention and scrutiny couldn't toward his punishment. It's far more effective to let the entire world criticize your character then having a group of old me try and discipline you.
But lets be honest here people, he's a 23-year-old kid who has totally missed out on living as a result of his gift. Lets face it, the guy is a fish and he has totally missed out on high school and college as a result of it. He missed all those heart to hearts about making good decisions and not getting in trouble. He missed going out and getting drunk with his friends on a Friday night and waking up next to some random girl after a long night of partying (probably including some pot smoking here or there). He is trying to make up for the time that he never got growing up. It sounds ridiculous but the poor guy never got to live a normal life. So, if he wants to go to a frat party (even at 23) and he wants to smoke a little weed (which it clearly looks like he has done before based on the photo) let him. I mean, its not like marijuana is a performance-enhancing drug; one might even go so far to say that it's a debilitating drug. And who does it hurt? Oh right, just him. Its not like he is on a football team where his performance affects the outcome of his team. He plays an individual sport. If John Daley can smoke cigarettes and drink beer during (that's right during) a PGA Tour event, why cant a kid who missed out on so many things, take a nice bong rip every once and a while. He's only hurting himself so let him do it.
But oh wait, he's hurting someone else, how could I forget. He's hurting the image of the US Olympic committee. That's why they punished him. Not because of his own personal image problem but because of his effect on their image. And lets be honest, the punishment is a joke. He's still going to go swimming and practice hard and I think he will financially ok despite them holding back a grand total of $5250. And does the punishment really fit the crime? South Carolina marijuana laws say that a first time offense has a maximum penalty of 30 days probation and a maximum $200 dollar fine. Not trying to split hairs here, but he would probably be better off dealing with the South Carolina Judicial system then the US Olympic committee next time he goes to that frat.