Olympic Scandal Repercussions

In Switzerland Thursday, International Olympic Committee officials told the world they have cleaned house and averted disaster by expelling culpable members. They are desperate to put the bribery scandal behind them, reports CBS News Correspondent Bill Whitaker.

But across the ocean in Washington, Sen. John McCain, R-Ariz., isn't ready to let the IOC off so easy. His commerce committee may consider revoking the IOC's tax-exempt status at hearings next month.

"They must put accountability and transparency into their deliberations and their activities," McCain said. "Otherwise they will go back to business as usual."

More worrisome to Olympic officials, major corporate sponsors aren't satisfied either.

John Hancock Financial Services has pumped tens of millions of dollars into the games over the years. President David D'Alessandro says the IOC pledge to reform is a good start, but he's going to keep up the pressure.

"We pay for 70 percent of the games, the sponsors and the media people from America," D'Alessandro said. "If they don't want to take our money, give us a rebate and we won't complain."

Many grand Olympic plans are threatened as well. Mitt Romney, who has the Olympian task of cleaning up the Salt Lake games, says they're already $300 million in debt.

"We'll work very hard to bring in additional sponsors. I frankly believe we will see Utah companies step forward first," Romney said.

But that doesn't satisfy Salt Lake City officials, who fear they'll be left holding the bag.

"Clearly we've already lost quite a bit in terms of our reputation, because of the scandal attached to the Olympic bid," said Deeda Seed, Salt Lake City Councilor. "And now we're facing a financial consequence as well."