David Letterman and Jay Leno are exempted from some speech laws. For example, the the Bipartisan Campaign Reform Act of 2002 prohibits corporations, trade associations, and labor organizations from paying for "electioneering communication" (any broadcast, cable or satellite communication referring to a clearly identified federal candidate and targeted to the candidate's state or district, sixty days before a general election and thirty days before a primary election).

Leno and Letterman work for corporations and get away with contributing air time (has been ruled "money") to commenting on candidates in violation of this act, but they're allowed to do so because it reinforces the fallacy that Americans still have "freedom of speech" when it comes to elections.

As with all laws, the Hate Crimes legislation will be selectively enforced, but never in favor of you or me. You'll see the Lettermans and Lenos skirting the bounds of what's legal and getting away with it, but the same type of speech will land you and me in jail.