"We the tax payers get to foot the majority of the bill whilst all the profit goes to private individuals and the I.O.C."

That is simply not true. At least in this country and in Great Britain, and I suspect most, the Olympics are a non-profit organization. The "profit" they receive is spent on initiatives promoting sport and supporting atheletes. That may not be your choice of where money should be spent, but that is another argument.

From what I've read, the plan is to create several temporary venues that will be moved to other parts of the country after the games where they will be most needed. No "white elephants".