His whole administration is a collection of imbeciles to have allowed his reputation and political capital to be expended on this forlorn hope.
The potential payoff was so small (unless you consider the fact that his Chicago cronies were counting on making Big buck$ off of a Chicago Olympics), yet the risk was high (unless you thought that it was a sure-thing before heading-off to Copenhagen).
Other thought: whereas REAL issues are far beyond his limited capacity, perhaps he felt that this was an easy task that he could accomplish through his winning ways, brilliant smile, and glittering personality.
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