Celebrity Scandals: Symptom of the Recession?

Michael Phelps

Michael Phelps needed to decompress. Who, in this market, isn't worried sick about his finances? So Phelps indulged in a spot of marijuana, ostensibly to “take the edge off.”

Why?

Perhaps someone had mentioned former Olympic star Dorothy Hamill’s bankruptcy. Or those of Olympic sprinters Marion Jones and Dwain Chambers.

Maybe somebody said something about Latrell Sprewell (who earned $96.6 million his NBA career) and Jose Canseco (who made $45 million over the course of his career) having their homes repossessed. Or that Bjorn Borg and Mike Tyson went broke. As did country singer Johnny Paycheck.

The fear of going bust is enough to make any 23-year-old hit the pipe.

Phelps was dropped as a spokesman by Kellogg’s (K) -- manufacturers of stoner-favorite Frosted Flakes -- but his other sponsors, like Speedo (WRC), Mazda, and Omega are standing by their man. 

And the company really reaping the benefits of the Great Phelps Toke of 2009? RooR Bongs.

Sales of the bong Phelps used (a $150 Roor Little Sista Ice Masta 3.2) have skyrocketed since the picture was published. Smokedot.org describes the German-made RooR as standing “just over a foot tall, with 7mm-thick glass, a 5-inch diameter base, complete with artist signature and red RooR label on the neck. Ice notches allow up to 8 ice cubes to be jammed into the RooR neck to provide an incredibly smooth cool marijuana toke.”

On the off chance Phelps ever does get into actual financial trouble, he’s always got his gold medals.

According to the Olympic Charter, gold medals must contain 92.5% pure silver. The medal must then be coated with at least 6 grams of gold, which is currently hovering around $950 an ounce.

Given that figure, the 6 grams of gold in an Olympic medal is worth $183.27.

At $13.51 an ounce, the silver in Phelps’ medals is worth about 40 bucks.

Phelps has a total of 14 golds. That’s a grand total of $3,125.78 - or enough to purchase a little over 5 ounces of top-quality hydroponically-grown weed at today’s retail prices.