Olympic Girl Plunges into the Pan

I just spotted this street painting on a wall in Sumner Street, Southwark, and after all the Olympic Games hype of the past months I found it really challenging. It's signed 'Loretto' and bears the words 'OLYMPIC GAMES 2012' and 'WELCOME TO LONDON 2012', although these words are belied by the image of a female swimmer plunging straight down the toilet.

So what's the real message? It seems to be calling the Olympic Games 2012 a worthless, meaningless, and (I imagine we're supposed to understand) extremely expensive government vanity project. I'll go with that.