No, racism has nothing to do witht this. This is politics as usual. If this was the first time a politician had ever been criticized, then you might have an argument that it is racism. But I'm pretty sure this isn't the first time the past choices made by a politician have been scrutinized, this is what you get when you get involved in politics. Obama was involved with a controversial person, and when you run for president with that baggage, you are going to get negative media. That's the way it works no matter what color you are.
The term racism is such an overused term to the point that noone really knows what the term means anymore and it gets misused all the time. Racism is when someone gets discriminated against because they are a certain race or is insulted because of their race. If a black person is criticized at all, is that racism? If Obama gets elected, are we going to hear people cry racism every time someone doesn't approve of the president's actions?
People are lazy and want to find easy answers to everything, and racism is one of these easy answers. Racism is real racism occurs every day, but if you don't know what to look for, you are going to misidentify it. Obama is a politician and controversy follows politicians regardless of race.