• In this Aug. 11, 2016, file photo, United States' Ryan Lochte competes in the men's 200-meter individual medley final during the swimming competitions at the 2016 Summer Olympics, in Rio de Janeiro, Brazil. Speedo is the first major sponsor to drop swimmer Ryan Lochte as a sponsor. The swimsuit maker owned by PVH in New York says that it doesn’t condone behavior that is counter to its values. Lochte fabricated a tale that he was robbed at gunpoint in Rio de Janeiro during the Olympics. He later apologized. (AP Photo/Michael Sohn, File)

    Speedo drops sponsorship of Ryan Lochte

    Less than 24 hours after the close of the Rio Olympics, Ryan Lochte took a major financial hit Monday for a drunken incident he initially tried to pass off as an armed robbery.