I think its fine as long is at doesn't in any way suggest approval or endorsement of the President.. Public figures are pretty much fair game. The question is whether the "manipulated in any way" is modified by "that in any way suggest approval." The way this clause is constructed, I would read it as such.

That's what hosting in The Netherlands is for.

Bad idea. Since Obama's not only a Muslim but the second coming of the prophet Abraham, peace be upon him, he'll murder anyone who blasphemes his picture.

actually played this card even further once with billboards of bush http://www.bigredwire.com/images/photos/bush_sign.gif and a quote we put in his mouth. some newspapers balked but nary a word from w. everyone else loved it.

I'm pretty sure any picture that looks like a "nut punch" will not suggest endorsement of the President.