The Industry Standard’s cover story this week is the bizarre tale of Internet video company Pixelon. Its founder managed to start the company and attract 30 million dollars of VC money without so much as a drivers license or Social Security Number. The VCs, new at the game, signed an agreement with Pixelon that was outrageously in their favor, but in the end it was they who got played. Pixelon had no technology and no business prospects. They managed to spend 16 million dollars on an all day rock concert before flaming out.