Au Contraire, Mon Fraire! The Supreme Court has already ruled that free speech and money are two complete separate animals. Satire and sardonic humor are fiercely protected by the first amendment. But, the collection money, either to be distributed as employee tips or for distribution to charities or non-for-profit organizations is something that clearly falls to the purview of federal, state and local governments.
Now, this is Chi-Town, so this d-bag will be protected by the Chicago political machine. But, in another city, a fine or two could be coming his way.
The Supreme Court is not always right and includes political factors in how they decide cases. Also someone who likes Palin does not think a Palin retirement fund is necessary and someone who hates her would not donate money to it. And someone in the middle would not make a fuss over something or think it is a funny joke.