Racist Bloomberg Magazine Cover?

What do you think? I think it's at best insensitive and oblivious. How many people did this have to go through before it went to press? Nobody saw a potential issue with this?
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A Bloomberg Businessweek magazine cover published Feb. 25 about the housing rebound in the United States — featuring cartoonish minorities holding fistfuls of money — has drawn intense criticism from readers and media critics, some of whom have described the cover as racist.

“Our cover illustration last week got strong reactions, which we regret,” Josh Tyrangiel, the magazine’s editor, said in a statement on Thursday. “Our intention was not to incite or offend. If we had to do it over again we’d do it differently.”

But his statement came too late to head off pointed criticism online. Some posts on Twitter called it a “non-apology,” and by Thursday afternoon, a handful of people had signed an online petition urging the company to pull the cover. (A new issue, however, is already on newsstands.)......

Ryan Chittum, at the Columbia Journalism Review, said the cover was “clearly a mistake” because of “its cast of black and Hispanic caricatures with exaggerated features reminiscent of early 20th-century race cartoons.” What made it even more offensive, Mr. Chittum wrote, “is the fact that race has been a key backdrop to the subprime crisis.”.........

Magazine Cover Draws Claims of Racism - NYTimes.com