First, a little background. From the Wall Street Journal, G4S apologizes:

Under-fire G4S PLC Chief Executive Nick Buckles Tuesday told a U.K. parliamentary committee that he didn’t know his company would fail to provide enough security guards for the Olympic Games until July 3, less than a month before the start of the event.

Okay, now give this a listen (via the increasingly must-read Stool Pigeon):

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