These programs, which are becoming more popular, are based upon cruel capture and confinement programs which lead to the deaths of many dolphins.
Dolphins are not pets, nor are they domesticated livestock. They are intelligent wild animals, and should not be imprisoned.
http://www.wspa-usa.org/pages/272_what_s_wrong_with_swimming_with_dolphins_.cfm
While countless dolphins are still ripped from the wild to populate SWTD facilities, some programs use captive-born animals instead. They hold up their use of captive-born dolphins like a trophy, proof of their mission to conserve dolphins. The truth of the matter is that captive breeding programs offer no contribution to the conservation of wild dolphin populations, acting instead to replenish the industry's dolphins when supplies run low.
http://www.hsus.org/marine_mammals/what_are_the_issues/marine_mammals_in_captivity/swim_with_the_dolphins_programs/
Capture is highly traumatic for wild dolphins and may cause an often fatal condition known as capture stress or capture myopathy. In addition, the status of the populations from which dolphins are captured is often unknown and the removal of even a few individuals may have negative impacts on the pod members left behind.
http://www.prijatelji-zivotinja.hr/index.en.php?id=92
In July 2003, a business consortium, part of which operates dolphin swims at Parque Nizuc , at Cancun, Mexico, went to the Solomon Isles and paid local fishermen a few hundred dollars per dolphin, to capture around 200 dolphins. This is the largest capture operation ever by the 'captivity industry'.