"Mr. Pink" makes no sense
First of all, why use colors instead of pretty much ANYTHING else? You could use 'fake names', like 'Panagiotis' or 'Fusanosuke'. You could use numbers or animal names. You could use planets, galaxies..
I mean, colors are LIMITED. I know there are many that decorators consider colors, like 'Puce', 'Ecru' and whatnot, but when you really try to think of as many colors as you can in 15 seconds, how many can you really come up with from the top of your head without repeating anything or using a 'variation', like 'light green'?
Secondly, why the !@#&$^%* and another ampersand, would they EVER use 'pink'? Seriously, they KNOW it's going to cause a problem, because 'no masculine man wants to be pink' (although men wore pink quite a lot in older TV shows and movies without any problem with their masculism, and the colors 'red and blue' used to be reversed, where girls were seen as 'blue', whereas boys had the color 'red' (granted, not pink, but still)).
They KNOW it's going to cause backlash, complaints, annoyance, discomfort, and so on. In my opinion, it shouldn't, because colors can't have genders or masculinity/femininity, they're just visual frequencies, every one should be respected and loved for their own power and beauty - which is why I would fail the five.. three questions, because I don't HAVE a 'favorite color'.
As some kind of a crappy 'creator' of sorts, I play around with colors quite a lot, and have learned to love each color individually and specially. In some scenes, yellow can't be beaten, in other situations, pink is absolutely the best, sometimes blue is exactly what's needed and so on.
Colors also have different psychological-emotional-vibrational effects that have been studied quite a lot, and the japanese have realized that the color green is the best for almost anything when you want to relax, study, learn, remember, etc.. it stimulates you in the most pleasant and harmonious way, whereas red, for example, creates faster pace, more hectic, stressful, anxious and maybe even aggressive feeling and state of mind. Sometimes the effect is subtle, but we can realize why red is used so much together with black and white when some oppressive regime wants to create a flag or something (you don't have to look very far).
(White of course bringing striking effect, being the brightest color, joining all the colors together, and black creating the maximum contrast to white, and another type of striking effect having no colors at all. Red is, by the way, the lowest-vibrating color that can still be called a color)
Colors are limited and they have 'connotations', so 'Mr. Pink' may feel bullied, weaker, more feminine, and thus can't do their job properly, it's psychologically devastating to THESE types of men (not actual human beings).
Of course many other things have connotations, too, but if you pick 'random names', I am sure no one would have a problem with it. The boss and others _KNOW_ pink is problematic for this type of stuff, so WHY would he ever pick that?
He knows from experience and the connotations of the color that it will GUARANTEE problems, debates, complaints, anger, distrust, hatred and all kinds of backlash even if he can tell them to just shut up. Wouldn't it be better if everyone in the team felt comfortable with their name? Why can't the boss think beyond his fat nose about this?
You can't give a 'thug gangster' a 'sissy name' and expect them to be OK with it. So even if they can't voice their complaints, they're going to hold a grudge, which may lead to sabotage just out of spite if nothing else. It's a STUPID, stupid thing to do, no gangster boss would EVER do something like this unless he wanted the team to be as badly organized and inefficient as possible!
He deliberately causes rebellion and infighting by forcing this, instead of just pouring a bag of random names on the table, letting everyone pick one, then having a practice session so everyone remembers everyone's name. It's not that hard, people learn ACTUAL NAMES pretty quickly, but colors? What the F were they thinking?
Even numbers would've been better, because they're unlimited, so if the group grows to be bigger, it's never going to be a problem. But having 'light green', 'emerald green', 'nuclear waste green' is going to be a problem, because all you'll remember is 'green' and get confused which was which.
So the whole color-scheme, and especially 'Mr. Pink' makes no sense.