Have not seen this on GT yet and just happened to hear about it yesterday in a Twitter mention. Washington Post has a pretty good summary.
Basically, Colbert did a bit about Dan Snyder's foundation and the DC football team name, and following that the @ColbertReport Twitter account (reportedly run by Comedy Central PR and not Colbert himself) tweeted:
I am willing to show #Asian community I care by introducing the Ching-Chong Ding-Dong Foundation for Sensitivity to Orientals or Whatever
A Twitter storm ensued with the hashtag #CancelColbert, from voices like Suey Park:
#CancelColbert because white liberals are just as complicit in making Asian Americans into punchlines and we aren't amused.
— Suey Park (@suey_park) March 27, 2014
and from dissenters who felt it was derailing:
— Jenn M. Jackson (@JennMJack) March 28, 2014
It seems to me like the Tweet was stupid and pretty offensive, even if it was in the name of satire. I think Colbert and Comedy Central should apologize at the very least.
On the other hand, it sort of reminds me of this image from the National Congress of American Indians, which I thought was pretty well done when I first saw it in emphasizing that the two on the left would in no way be widely accepted, but somehow the one on the right is: