Saul Hansell of the New York Times was surprised when numerous blogs chastised him for his coverage of search engine/electronic retailer Accoona and the questionable history of its founder, a felon sometimes known as Armand Rousso, as a stamp dealer and stock promoter. Why would anyone bother to defend such a questionable man and such a negligible company? Because they're apparently getting paid to do so. Most of the blog entries openly label themselves as paid posts — a practice that is itself highly controversial. What's even more controversial is who is footing the bill for these sponsored testimonials. Regardless, Accoona is likely to pay for them in the end.

Armand Rousso is an international man of mystery — Internet-style. Long before today's Web 2.0 kids were even suckling at their mamas' teats, in the 1980s — or so he claims — he invented e-commerce. Others claim that, at the same time, he invented e-commerce fraud. On an ancient MCI telecom network, he ran something called the International Stamp Exchange — and, claims engineer David Glassman, who says he wrote the code for the exchange, faked all the bids on it to simulate activity. No matter. The purported ruse won Rousso coverage in Time magazine. Now, an e-commerce company he's backing, Accoona, is trying to go public. "Investors should run away screaming," writes Henry Blodget — and he knows a thing or two about investors running away screaming. But he's just looking at the numbers. There's way more to this story — and it all has to do with Rousso's suspicious business dealings.