Yup. Anyone in this day and age who doesn't see why those terms would be racially offensive is so willfully blind as to be by default a racist. I very much doubt that ol' Zell, given his age and background, is anything but a fossilized relic of a time when such thoughts were mainstream and just fine.
Really? Do you really think that I am, by default, a racist because I can see that both of those terms have legitimate and arguably overwhelming utility outside of a racist context? You know me, at least my board persona, ETF...do I sound like a racist in any normal context?