Ken Livingstone and the truth behind the Olympic 2012 Budget

We all thought we knew that the Olympic bid was a load of hogwash, not including the VAT for example, but now Ken Livingstone has confirmed the fact whilst defending the Crossrail budget - "This is not like the Olympics where we made a guess because we were in a bidding process." A guess, the Olympic bid was a GUESS in order to have a chance of winning the bid competition.

Do those people care that the money they are throwing about with such disregard is not theirs, it is the taxpayers money?
Meanwhile the actual cost of the Olympics rises inexorably, see this.