Vanquished social network MySpace will open its books to interested buyers Wednesday. The only problem is that the books look horrible and no one is interested in buying.

Facebook is being overrun by scam surveys, fake applications and bum links, according a new report by an Internet security firm. And it's getting worse by the day as scammers figure out clever new ways to trick unsuspecting users.

It turns out the third-largest advertiser across MySpace and Facebook was a scam to switch people's search engines to Bing and then collect affiliate fees from Microsoft. It's yet another example of how social networks are rife with shady operators.

An anonymous MySpace employee says company executives tricked workers into sweatshop-ish overwork to save the foundering social network, only to turn around and lay half of them off. The executives' supposed real motivation: Getting rich in a MySpace spinoff.

Well, that was fast: Barely two months after a big redesign, MySpace is planning to lay off half its staff, according to news reports. So much for the flailing social network's supposed turnaround.

Who would buy MySpace? When News Corp. bought the social network for $580 million five years ago, it was on top; now MySpace trails Facebook and isn't trying to catch up. And News Corp is finally talking about selling.

Do you have some "Generation Y" teens or pre-teens lazing about your home? Because the terminally ill old social network down by the river, MySpace, would like to show them racy videos all day in his redesigned internet van. Exciting.

San Francisco-based "tracking company" RapLeaf probably has an "extraordinarily intimate" dossier about you—one that potentially includes your income range, your politics, and your "interests" in topics like "adult entertainment." And it might all be under your real name.

Web entrepreneur Andrew Fashion made $2.5 million by the age of 21 helping people bling out their MySpace pages. He blew it all before he turned 22. Meet Andrew and learn where his money went.

MySpace—remember that?—just unveiled a new logo. A clean, sans-serif bat signal to all the cool kids who left for Facebook: Come back! We're hip; we're with it. We listen to your independent rock and roll music.

Meet Deena Nicole Cortese, a 23-year-old friend of Snooki's from New Egypt, New Jersey. According to her defunct MySpace profile (don't worry, we've got screenshots) she is "ADDiCTiVE & ExPENiIV3 LiK3 COCAiNE!" She is America's newest court jester.

Before 11 year-old Jessi Slaughter was Internet famous for her Youtube videos, she was famous on Stickydrama.com, a gossip website for high-schoolers run by a 31-year-old man. It also has an amateur porn sister site. Delightful, right?

Facebook may have close to 500 million users, but it has one of the lowest scores on the American Customer Satisfaction Index, which ranks how people respond to certain companies. That means you like paying taxes slightly more than Facebook.

Last night, the users of 4Chan.org's notorious /b/ message board declared war on the lead singer of an obscure electro-pop band. More than 12 hours later, they're still waging it. This is how the Internet's worst trolls work.

Some scientists once said that using Facebook gives college students lower grades. Somehow we made it out of college despite a heavy Facebook addiction. Now, other scientists say social networking use use actually doesn't negatively impact grades. [Ars Technica]

Everyone knows that white people love Facebook and hate MySpace. But why? In a sure-to-be-controversial new essay, a famous internet sociologist says it's a lot like white flight.

MySpace co-president Jason Hirschhorn is reportedly out at the News Corp. subsidiary after 16 months. In the same timeframe, his ailing social network lost its founder, its CEO, an incubator — and a whole lot of traffic.