Penalising for inbound links?

Does keyworded anchor text on inbound links spring a google filter

[designhaus]

Here is a can of worms I have been wanting to open for a while. I have a slight hunch that Google may be penalising my sites for inbound links that contact anchor text.

Anyone else got a similar feeling?

[andrewB]

I believe far from it. I am now nearly top for the various phrases thanks to using keywords in my link anchor text. But if your using the exact same phrase on many different domains and on each page on those domains then I guess google might consider something is up and consider it spam and thus penalise you.

I have built a free online link manager that can analyze anchor text for you. Sticky me for the address as I don't think I'm allowed to post it here.