Airport to a group of private investors, but the deal fell through due to the collapse of credit markets during the 2008–2012 global recession. In 2008, as Chicago struggled to close a growing budget deficit, the city agreed to a 75-year, $1.16 billion deal to lease its parking meter system to an operating company created by Morgan Stanley. Daley said the "agreement is very good news for the taxpayers of Chicago because it will provide more than $1 billion in net proceeds that can be used during this very difficult economy." The agreement quadrupled rates, in the first year alone, while the hours which people have to pay for parking were broadened from 9 a.m. – 6 p.m. to 8 a.m. – 9 p.m., and from Monday through Saturday to every day of the week. Additionally, the city agreed to compensate the new owners for loss of revenue any time any road with parking meters is closed by the city for anything from maintenance work to street festivals. In three years, the proceeds from the lease were all but spent. Failed Olympic bid In 2007, Daley entered into ten-year contracts with the city's labor unions to preclude labor unrest as Chicago launched a bid to host the 2016 Summer Olympics. For months in 2009, Daley promoted the economic benefits of the proposal to the city and its corporate community. Many thought the games would be a capstone of Daley's career. On October 2, 2009, in a major disappointment for Daley, Chicago was the first of four finalists to be eliminated during selection ceremonies in Copenhagen. According to a March 2011 report from the city's Office of the Inspector General, By signing a 10-year (contract) with the Teamsters (and with over 30 other unions representing city employees), the current administration and City Council unduly hamstrung not only the current management of city government, but the next six years of management as well, a period that extends well beyond the elected terms of the incoming administration and City Council. Gun control "If it was up to me, no one except law enforcement officers would own a handgun. But I understand that's impractical," Daley told attendees at a conference of gun control advocates in Washington, D.C. in 1998, during his third term. Daley was a member of the Mayors Against Illegal Guns Coalition, an organization formed in 2006 and co-chaired by New York