Full disclaimer: I'm a sophomore at Yale, my adviser last year was an admissions officer, and a friend of mine works in the admissions office. I'm also friends with the girl photographed, but that's irrelevant :) This is roughly how admissions works at Yale: 1. An officer reviews your application for 20-25 minutes. 1a. Some kids are clear rejects. 1500/2400 SAT and a 2.7 GPA, with no activities usually does the trick…
My guess is that this is true in a narrow sense; it's just that if you check "Black/African American" or "Latino/Hispanic" you dramatically increase your chances of admission. At that point, the admissions officer does have an argument for what you add to the campus: your race. Asian is neutral in their book, but many more Asians are qualified for admission than can possibly be accepted. The result is de facto discrimination against Asians.
The effects are vicious even when the intent is good. But the road to hell, etc., and it helps to consider a case where we can all agree that the intent was evil: the numerus clausus law, which required that university admissions reflect the ethnic composition of the broader community, passed in Hungary under the "White Terror" regime of Admiral Horthy. Its intent was to keep Jews out of academia. Whether the professed goal is to keep out the Jews or to ensure diversity by letting the "right" groups in, the effect is the same.