LAUSANNE, Switzerland -- Faced with losing the 2016 Summer Games to competing cities offering full government guarantees, Mayor Richard Daley made an about-face Wednesday and said the City of Chicago would sign a contract agreeing to take full financial responsibility for the Games. ...
But Wednesday's decision ups the ante considerably. If something goes terribly wrong with the Olympic plans and the city exhausts its package of limited government guarantees and private insurance, "any shortcomings will fall on the shoulders of taxpayers, and that's the end of the story," said Olympic historian Kevin Wamsley, of the University of Western Ontario.
The Chicago 2016 bid team says this is unlikely to happen.
Cue the laugh track.