I can't directly address your issue, but I can say that I also was just installing IM. I found that the binaries from the main site were a pain to install.. I set all the environment variables, and it still complained... into the trash...
You'll see the other thread where I had trouble getting the new Fink 0.62 working, but now that it is, IM installed without a hitch.
Its possible you just need some libraries for tiff/jpg.
But I did just do a jpg->jpg convert (change size/quality) with my Fink installed IM.
Cheers,
Mike