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06/18/2009

Daley: 'I get it'


(LAUSANNE, SWITZERLAND) Just talked at length with Mayor Daley about the skepticism, anger, frustration being expressed back home about the possibility that Chicago might be on the hook if the Olympic budget goes "boom!"

"You're not on the hook because it was purposely intended to protect the taxpayer," Daley told me.  "That means everything goes bankrupt in the world.  The whole thing collapses in 2016.  That's what you're looking at."

Chicago 2016 and the Mayor's Office are scrambling to explain to taxpayers how providing written assurances to the IOC that any significant cost overruns will be picked up by the city is a good deal. Chicago 2016's budget projects a $500 million surplus after the Games.  Add to that a $500 million dollar private insurance policy and Chicago would have to be more than a billion dollars in the hole before city and state guarantees kick-in.  A one billion loss on a budget whose expenses are projected at $3.3 billion?  That would be tough to do.

"Do you understand the skepticism?" I asked the Mayor.  "Oh sure," Daley said.  "Especially now in a tight economy.  This economy I keep telling people is very, very challenging and difficult.  But remember: We're looking forward to 2016 and all the protections are there to protect the taxpayers of Chicago. 

Watch our exclusive interview with the Mayor from Switzerland below:

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Comments

no wonder you got the exclusive, bradley. all you do is kiss his tush. you're part of his propaganda to get the games to chicago. why - you think it'll be good or your career?

You half-a$$ed shill.
Ask Daley how much the city has spent already.
Ask him why he's selling the city to make our books look good.
Ask him a real question and stop being so concerned about being in his good graces. His time is running out anyway.

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