I think this is a case of seeing what you have been told to see. She's standing too far back to have her hand under his armpit. If it's a fist, it's too robust to belong to a woman, compared to her slim white arm. Does a woman hold a boy with a FIST?
It looks like a black fist, and quickly the assumption was it must have belonged to a black man.
I think he's got a leather pocket-book under his arm. And if you're thinking there was a black man there and the image is photoshopped then you would need to believe that Stanley Armour for some reason met his daughter, a black man with Maya and zero at an airport when zero was about ten years old...
So what that image would appear to show is Stanley Ann Dunham (calling herself Ann Dunham Obama) on her return to Hawaii from Indonesia with her daughter, and Stanley Armour has come to meet her with zero, who has been staying with the Dunhams.
And the 'fist' is an object being held by zero under his arm.