Red X replaces images on slides inserted into PowerPoint 2007 presentations

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Problem

When you insert slides from another presentation into a PowerPoint 2007 presentation using automation (ie, VBA, macros, etc) the text from the inserted slide appears correctly but images are displayed as red Xs. You may also see the following error message:

The image cannot be displayed. Your computer may not have enough 
memory to open the image, or the image may have been corrupted. 
Restart your computer, and then open the file again. 
If the red x appears, you may have to delete the image 
and then insert it again.

Solution

This hotfix from MS promises to solve the problem:
Description of the PowerPoint 2007 hotfix package: February 19, 2008

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