Personally, I don't think it's right. He should be able to donate to any political figure or party he wants just like everybody else can. From what I read he did not give over the legal limit or violate any campaign laws.
There's speculation that PMSNBC was indeed cleaning house and wanted to find a reason to can him, but his suspension is labeled as "indefinate" rather than permanent. Besides, since when does low ratings mean anything to liberal talk show hosts? They ALL have low ratings. I mean, sure his ratings sucked but compared to most other liberals he was actually doing quite good. Back on October 26th, he rated 1.19 million which compared to the moderate and conservative hosts might be considered sucky. But he still did better than Maddow, O'Donnell, Schultz, (all three also of MSNBC), CNN's Grace, Hardball's Matthews, CNN's Cooper and King, and the queen of the gutter ratings CNN's Behar. Another way of looking at this, he's got about half the ratings of Fox's Beck and that ought to count for something.
(Don't get me wrong, I'm not an Olberman fan, that is I don't watch him and have no desire to watch him. It's just that something doesn't look quite right about all this to me.)