From this letter:

"The school is Pitzer College. Its president, while condemning “hate” speech from outsiders in the wake of the “hoops” rant, did not hold his students accountable for their own racist hate messages which sparked the public outrage."

He did nothing.  That is acquiescence in racist speech and appears to be only because the racists are Hispanic.  

Is it fine for an Hispanic woman to make racist comments about white women? 

 Is it fine for woman Hispanics to make racist comments about Black, Asian, Muslim, or any other 'race' of women just because they are Hispanic speakers?

When you answer those two questions, I will then know your values regarding 'racist speech'.

I answer both of those questions totally and unequivocally "NO!"