Kurt Waldheim was a Nazi oficer that later came to be the head of the United Nations. Lou Reed sings about putting controversial people in ironic positions of power, when you consider that the United Nations champions equal treatment of all.
He sings about the “common ground.” This usually means finding what ideas people share to unite them. Reed seems to mean this as giving other groups their fair shake, respect and acknowledging their past sacrifices and hardships.
Examples in the bouncy rocker are double standards for Reed: that some seek common ground with other groups in society, but not Jews? It is to him a reflexive anti-Semitism that is given a free pass. Reed feels this is hypocrisy from some people, like civil rights leader Jesse Jackson. Champions of racial equality in America can better appreciate what Jewish people have endured.