Glam Media, the online-ad network spuriously posing as a women's destination site in an effort to raise $200 million in private financing, is hiring new sales staff and executives. [Silicon Alley Insider]

When raising money, it's best to keep investors guessing. The less they understand your business, the more likely they are to substitute optimism for analysis. At least, that seems to be Glam Media's hope. By touting itself as the best way to reach women on the Web, the online-advertising concern is hoping to rake in big bucks. A private-placement document (PDF) circulated by Bank of America and investment bank Allen & Co. says that the company aims to raise $200 million, and claims that Glam, with 19 million unique visitors a month, is growing faster than MySpace did before News Corp. acquired it. And VentureBeat reports that Glam is on the verge of signing a multiyear, $1 billion ad-sales deal. There are a few small problems with those displays of optimism, however.