The word below the swoosh is "run". Annie Chiu designed this and other unconventional street advertisements to encourage you to purchase Nike running gear.
The bench should have been fixed first - few people whoud even notice the Nike sign when looking for a place to rest their tired feet - yes, it would be infuriating - no incentive to START RUNNING!
As this corporate entity is apparently allowed to deface and vandalize public property, so should the public be allowed to do the same to any Nike property. Go get 'em, Ad-Busters!