It's interesting that the London Olympics logo is so embarrassing. The UK government have form, as the old Office of Goverment Commerce found to their chagrin. Their logo was even more naughty when rotated 90 degrees, and its logo was literally just the text OGC in a very elegant font. They paid £14,000 for it.

In fact, it's an awesome logo, if not for the unfortunate letter formation...

http://www.telegraph.co.uk/news/1901656/OGC-unveils-new-logo...

For the image...

http://www.google.com.au/search?tbm=isch&source=mog&...