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While I can't defend what Imus said, there is a major double standard. He was rewarded for being on the edge and saying shocking things. Now, he says something that is shocking and is punished above and beyond what a reasonable person would expect (or at least I think I am reasonable) for doing pretty much what he has always done.
I don't think the response was appropriate considering his history. If you want to change the rules, then you have to give the guy a chance after you change the rules.