Word: ioc
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...International Olympic Committee (IOC) convenes in Copenhagen on Oct. 2 to choose the host city for the 2016 Summer Olympics, and for the finalists - Madrid, Rio de Janeiro, Chicago and Tokyo - its decision marks the culmination of a journey of more than two years. They've already weathered both regional selection competitions and IOC evaluations that weeded out three earlier candidates (sorry, Doha, Prague and Baku, Azerbaijan). But for these four cities, the final step in winning the Games is surviving an unusual voting process that in the past has produced surprising upsets - and been shaken by corruption. (See pictures...
...Before voting begins, each city will get the chance to make a final one-hour pitch that's a combination of speeches, video and celebrity endorsements. Voting is done by secret ballot and continues until one city receives a majority of the votes. The IOC has 105 voting members, but those who hail from a potential host country can't vote until that city is eliminated from contention. If no city has a majority at the end of each round of voting, the city with the lowest tally is eliminated and voting continues to another round...
...periodic allegations of corruption. When Atlanta earned the 1996 Games, many thought it was through the intervention of Atlanta-based Coca-Cola, one of the largest Olympic sponsors. Such conspiracy theories generally don't progress beyond whispers, but the 2002 Winter Olympics were an exception. Ten members of the IOC were thrown out after taking gifts from the Salt Lake Bid Committee prior to the vote, which Salt Lake City went on to win. The U.S. Department of Justice brought charges of bribery and fraud against two members of the committee, though charges against both were eventually dismissed...
...IOC will make its decision on Oct. 2, after considering rival bids from Madrid, Tokyo and Rio de Janeiro (which is considered the front runner). But in light of the heavy financial burden that is associated with staging the Olympics, the question is: Would getting the Games really be a good thing for Chicago...
Chicago estimates that the cost of hosting the 2016 Olympics will be $4.8 billion. If its bid finds favor with the IOC this week in Copenhagen, the city might be well advised to get venues shovel-ready as quickly as possible, for it has one advantage that Atlanta didn't: access to a portion of Washington's $787 billion economic stimulus package, much of which is still being allocated...