It's always a sign of the weakness of a left-wing political argument when advocates for a position overtly or more subtly make opposition to their positions a symptom of or an overt act of "racism".
The debate surrounding immigration is a great example of this. If you are opposed to illegal immigration (that is, bypassing border controls, overstaying a visa, working without work permission, etc) you are increasingly labeled racist, presumably because you aren't really opposed to migrant labor, you're opposed to Latinos.
This is too bad, because I think there are a lot of ways in which easier migration from outside our borders (Latino, or otherwise) has a lot of negative consequences.
One obvious example that seldom gets mentioned is the unemployment rate among African Americans. This figure is often quite high -- 15-20% or more depending on the measure. The jobs taken by illegal immigrants are almost always low-skill, entry-level jobs, the same jobs that young, unskilled African Americans could take.
If you're concerned about African American unemployment, you should naturally be concerned about wage depression and competition for these jobs by illegal immigrants. Isn't supporting a lenient immigration policy which keeps African Americans unemployed the real racist policy?
And then there's affordable housing, health care, schools, and so on, all of which are pressured by large numbers of low-skilled immigrants.
Sure, we're all upset by the crooks in the system (although I would argue that Madoff, Stewart and Abramoff are all distractions, not the real problem), but the rich and the power structure gain by wage depression and keeping the working classes on edge through unlimited low-skilled job competition. High wages and a "seller's market" for labor actually keep pressure on the corporate elite.