Guy Kawasaki spent only $12,000 on his new startup, a site on which readers can submit and vote on news and rumors. And it shows. Truemors, which the investor-showman launched yesterday, is a sloppy mess. Some malicious users found a way to inflate the votes for individual headlines; and others have burrowed their way into the site's internal directories, which weren't password protected. But there's a deeper problem.

In an effort, presumably, to show some signs of life, and to avoid the cost of moderation, Truemors is entirely open to prank submissions, and displays them automatically on the front page. "The Bush Family, The CIA and Skull and Bones killed Kennedy because Kennedy was going to disband the CIA, for their non-approved attack on Cuba otherwise known as the Bay of Pigs." That's one of the more articulate submissions this morning.

Of course, openness has its limits: Guy Kawasaki and his minions do delete the most offensive submissions. And, by offensive, I mean offensive to the former Apple evangelist's remarkable self-regard. One of the most popular items on Truemors, yesterday, was a snippet slamming the service. This morning, it's been deleted. If only Kawasaki applied the same high editorial standards to the rest of the Truemors pool.