I can say that the words “social network” are slightly taboo in the venture community right now, but if the site is interesting and the traffic is compelling I would take a look.

No wonder, when you consider that social networking remains a faddish hypetrain, a medium that is blasphemous to advertisers and runs counter to everything that marketers look for.

Anyway, the result is that those estimates that got VCs excited are starting to be cut, and quickly to boot.

I’ve long argued that social networking ads is the wrong horse to bet on, but who listens to me, right?

But upon learning that VCs can hire this person to investigate the backgrounds of entrepreneurs VCs are looking at investing in, I wonder if the VCs wouldn’t be better off hiring someone to help them find all of that money they’ve flushed down the toilets, instead.