My colleague Mark Drechsler has demonstrated this bug in a video here: http://www.screencast.com/t/V0jYD7Bs7Y

To summarise: if the HTML editor has some content like this:

<a href="http://www.google.com/">Top Text</a><br />
<a href="http://www.myimagelink.com/"><img src="blah.gif"></a><br />
<a href="http://www.someothersite.com/">Footer text</a><br />

If I save this (eg. as a label resource), everything is fine.

THEN, edit the label again, highlight all the content (text + image) and then click the 'create link' button and set a URL, eg. http://www.example.com/

Save the label and now go view it.

The top text will link to http://www.example.org/

The image + the text at the bottom will link to a URL like this: http://www.moodle.org/0.10390975221110266

I've attached a small patch to the htmlview javascript which fixes this.

Cheers