The Ugliest Olympics Logo Ever

Years after London officials announced their logo for the 2012 Olympic Games, people are still criticizing it.  I admit it is the ugliest logo I have ever seen and I have no idea how or why it was ever approved, but some of the reaction to it has been pretty extreme.

Iran's crazy leader has gone so far as to claim it spells out "Zion" (if you happen to unscramble and reposition its jigsaw puzzle design) and he has called for Arab nations to boycott the Olympics in response to the perceived "racism" and political message.  Others argue that the logo displays Nazi symbolism.  Still others noticed that it looks like an x-rated depiction of Bart and Lisa Simpson (I had to squint really hard to see that, but as Jezebel said, once you see it, it's impossible not to see it!)

I've seen some much better alternate designs.  Is it to late to just declare a do-over and have a new logo?