I have no idea about the specific "bit" and any so-called genius it may have contained or of which been void.
Possibly. However, if there has been inconsistent application of the Code of Conduct, the legal outcome - were one to go there - may be quite opposed to the employer.
Was no one in mgmt listening and maybe picked up the phone and told the producer to cut to a commercial? Or did mgmt think it was fine until there was a complaint? Maybe they just don't listen - or maybe I'm just stuck in the past picturing "Pig Vomit" at WNBC calling the producer to cutoff Stern and put on a record during a questionable bit. I was under the impression most stations were running on a delay to cut off any thing objectionable now a days.