Via Fresh Air with Terry Gross: Podcast [25 min. 34 sec.] and Show Summary for "Shepard Fairey: Inspiration Or Infringement?":
"The Associated Press has threatened to sue the artist who created the iconic "Hope" poster of Barack Obama for copyright infringement, but Shepard Fairey says his work is protected under the principle of "Fair Use," which exempts artists and others from some copyright restrictions, under certain circumstances.
Fairey based his poster on an April 2006 photo of Obama taken by AP photographer Mannie Garcia."
http://www.npr.org/templates/story/story.php?storyId=101182453
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