Keith Olberman, one of the most popular cable television hosts on left-leaning MSNBC, may have done nothing more than what the owner of Fox News, Rupert Murdoch did. Both men donated cash to candidates despite being a member of the press.
Indeed, in terms of monetary influence, Murdoch did a whole lot more. It can be argued that Murdoch is a businessman, not a reporter, and so his donations did not violate any journalistic ethics. It can also be argued that Olberman is an advocate, not a journalist, and should be allowed to donate to whomever he wishes.
Of course, Olberman did violate company policy, which is why he was suspended.