Actually I have just thought about it and something like this will be a 'design by comittee' project so we can't really blame the designer for this pile of crap. He/she will have had to adhere to all the wishes of stupid idiots with no concept of aesthetics. Basically the designer becomes a puppet with all the suits wanting there bit in the logo.
Suits "Do this, do that"
Designer "but it will look crap"
Suit 1 "I dont care, I want it to look like a child arranged some paper cuttings in the shape of John Travolta and then stuck them on some paper... oh and it needs to say London 2012. Oh and it needs to be pink because my neice likes pink"
Suit 2 "I want some yellow in there!"
Suit 1 "Ok so put some yellow in it too. Yellow and pink are good together right?"
Designer "er well, not re..."
Suit 3 "It also needs to have the olympics logo in it"
Designer "So you want a logo within a logo?"
Suit 3 "Yep"
Designer "You do realise that when you downsize the logo you arent going to be able to read the word London or see the olympics logo very well?"
Suit 4 "Well thats your job to sort it out. But the Olympics logo needs to be small, and London needs to be in Comic Sans"
Sorry Im bored
