G4S CEO admits Olympic failure

He leads the company which admitted it can't provide the 10,000 Olympic security staff it promised.

At a UK parliamentary committee, G4S chief executive Nick Buckles came face to face with MPs demanding to know why.

(SOUNDBITE) CHIEF EXECUTIVE OF SECURITY COMPANY G4S, NICK BUCKLES, SAYING:

"QUESTION: Mr. Buckles, it's a humiliating shambles isn't it? BUCKLES: It's certainly not where we want to be. QUESTION: It's a humiliating shambles for the company isn't it? BUCKLES: I cannot disagree with you."

Buckles was asked why he still had a job after his company only said it didn't have enough guards at the start of July, weeks before the games begin.

(SOUNDBITE) CHIEF EXECUTIVE OF SECURITY COMPANY G4S, NICK BUCKLES, SAYING:

"It's not about me it's about delivering the contract. Secondly, I feel I am the right person at the moment to do that and make sure it happens, and make sure our company comes out of this with its reputation in tact. My future is my third concern and not my current concern."

To fill the gap made by G4S not fulfilling its contract, 3500 extra troops have been drafted in, some only just returning from the war in Afghanistan.

Police from around the UK will also help.

(SOUNDBITE) CHIEF EXECUTIVE OF SECURITY COMPANY G4S, NICK BUCKLES, SAYING:

"To get 10,000 people on the ground in a relatively short period of time has been a huge logistical challenge. We did not know that the contract was not going to perform until very late on purely because the whole process is very back ended in terms of getting everybody ready for the games."

The failure to deliver the security guards looks set to cost G4S up to 50 million pounds, and its value has already slumped by nine percent.

The saga has ignited a bigger political storm in the UK with the government facing difficult questions over its outsourcing of key security work.

Ciara Sutton, Reuters