I certainly don't think this is the whole story. The transgressions listed are too petty to warrant the resignation of a University president. There's no way an upstanding man, an honorable man, holding a prestigious position, bows to a handful of 18-21 year olds over some derogatory words being slung around by a couple of ignorant fucks. I can't buy that. But if that is the case, then shame on him for giving in to this. I don't think we've heard everything yet.
I hope there is more to the story than what has been revealed up to this point... and if there is I hope it gets publicized soon. What I'm waiting for are other students at other schools attempting to do the same thing, simply because they think they can, as opposed to having a legitimate beef with university policies and/or administrators. That's what would be truly ridiculous, and I wouldn't put it past any college student who thought he knew what was "best" for his or her university to do just that.