I was hacked via adwords a while back. I know it happens. However, it doesn't sound like we have the whole story. Too many inconsistencies here for a run of the mill hack.
Too many things would have had to go wrong to have this happen. The only way this could have occurred, IMHO, is if the entire google system was hacked into, not just the account. The claim of hundreds of millions of dollars missing at any time, makes this whole thing sound bogus to me.