I thought I wold come post the fix for this here.
Its a problem with Marketo and chrome.
This answer is from support:
Good morning Jeremiah! On our call today, we discussed an issue you were having with image links.
So after discussing this with a colleague, it turns out that this is indeed a known bug between Chrome and Tiny MCE. So, here are the work arounds for the future:
First, if you do not left or right align the picture, you can link it. This bug is specifically in Chrome with left/right aligned pictures. You can also try using FireFox or IE 9/10 and it will work just fine.
I hope this helps Jeremiah, please let me know if you have any further issues with this!