The daily business briefing: August 23, 2016

Sponsors drop Ryan Lochte over his behavior in Rio, economists pick Clinton — and Johnson — over Trump, and more

Ryan Lochte speaks at a press conference
(Image credit: Matt Hazlett/Getty Images)

1. Speedo and other sponsors drop swimmer Ryan Lochte

Swimwear brand Speedo said Monday that it was ending its sponsorship agreement with swimmer Ryan Lochte over a drunken incident at a gas station during the Rio Olympics. Lochte and teammates Gunnar Bentz, Jack Conger, and Jimmy Feigen were caught by security guards after Lochte tore down an advertising poster outside a bathroom, but Lochte later said they had been robbed at gunpoint by men claiming to be police. Speedo announced it would donate $50,000 from Lochte's endorsement fee to a Brazilian charity for children. Clothier Ralph Lauren and two other companies also dumped Lochte, meaning he has lost all of his major endorsement deals.

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