[Itse]

Since the 1936 olympics is commonly used as a reference point, here's a quick peek into history:

http://americablog.com/2013/08/hitle...-2014-gay.html

The New York Times reported on November 6, 1935 that German Chancellor Adolf Hitler promised International Olympic Committee (IOC) chairman Count Henry Baillet-Latour that he would take down anti-Jewish signs during the two week period of the Berlin Olympics of 1936. (The article is behind the NYT pay-firewall, soat I’ll only quote a bit of it.)
The NYT added that IOC chair Baillet-Latour was “well satisfied” with Hitler’s assurances to temporarily pause his campaign of hate against Germany’s Jewish minority.

So, even the Nazis could tune down their campaign of hatred during the olympics, unlike the Russians, and...

[IOC chair Baillet-Latour] attacked energetically groups in the United States that have opposed American participation in the Berlin games. He asserted that the agitation against participation was exclusively a political campaign, citing as evidence the fact that none of the national Olympic committees now opposed having the games in Berlin.
He declared that the non-participation movement was being well financed and was “based on lies,” representing nothing more than a trump card in the hand of certain interested groups that have nothing to do with sport.

...the IOC has a very long tradition of BS when it comes to human rights.

I guess it would be naive the think they'd actually stand behind their own code of ethics (pdf).

Let me quote a bit. (These are very selected quotes, I admit.)

Recommendations – The structure of the Olympic Movement
“The legitimacy and autonomy of the Olympic Movement depend on upholding the highest standards of ethical behaviour and good governance.”

ioC Code of ethics

Preamble

The International Olympic Committee and each of its members, the cities wishing to organise the Olympic Games, the Organising Committees of the Olympic Games and the National Olympic Committees (hereinafter “the Olympic parties”) restate their commitment to the Olympic Charter and in particular its Fundamental Principles. The Olympic parties affirm their loyalty to the Olympic ideal inspired by Pierre de Coubertin. Consequently, at all times the Olympic parties and, in the framework of the Olympic Games, the participants, undertake to respect and ensure respect of the present Code.

2. There shall be no discrimination between the participants on the basis of race, gender, ethnic origin, religion, philosophical or political opinion, marital status or other grounds.


Rule 59 of the Olympic Chartermeasures and sanctions

The conduct of the cities shall comply strictly with the provisions of the Olympic Charter, the IOC Code of Ethics and its Implementing Provisions.

These Rules apply to all Olympic parties* and in particular to cities wishing to organise the Olympic Games and their National Olympic Committees (NOCs), as well as to any person or organisation acting on their behalf or supporting them. Each NOC is responsible for ensuring compliance with these Rules at all times.

And just to point out what is the regulated punishment here:

In the case of any violation of the Olympic Charter, the World Anti-Doping Code, or any other regulation, as the case may be, the measures or sanctions which may be taken by the Session, the IOC Executive Board or the disciplinary commission referred to under 59.2.4 below are:

1.6 with regard to a host city, an OCOG and an NOC:
withdrawal of the right to organise the Olympic Games (Session)

Obviously there are supposed be warnings before this measure, but still.

It's pretty clear that the current crackdown on LGBT minorities is a breach of IOC rules. I mean they should in the very least give them a slap on the hand, like they did with China. And China did do all sorts of things to play nice, and by some reports the country is better for it. By some reports it's worse.

The important difference was that IOC was not in strong support of Chinese human rights violations.

Also, I think it's clear that trying to ban rainbow pins is a clear violation of IOC's own code of ethics; descriminating people for having what they themselves have labeled a political opinion.

EDIT:
Of course mostly their "code of ethics" is filled with measures to protect the olympic brand.