Just the messenger. According to ProgressNowColorado:

That's noted right-wing shill Michelle Malkin posing with who we've dubbed “Swastika Guy,” owing to the sign he carried right onto the stage with State Senator Josh Penry, Congressman Mike Coffman, Colorado GOP Chairman Dick Wadhams, State Senator Dave Schultheis, former Congressman Tom Tancredo, and Independence Institute president Jon Caldara, among others. None of whom did anything about it, and in fact one person defended the guy to one of our people saying that the swastika is not a Nazi symbol, but an honored Native American symbol.

UPDATE: Ohhhh, wait a minute. I get it. The man with the sign isn't professing his affinity for Nazis. He isn't even identifying himself as a Nazi. The swastika in question has a circle around it forming an O and the rest of the sign reads “BAMA”. Get it? Obama is a Nazi. That's much better. Sigh.