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This kind of referral spam is pretty annoying because it obfuscates the real source of traffic. It is also very unethical (and maybe illegal, too) to put on a page full of google results a title like
BTOpenworld search - powered by Looksmart
How come Google and Fast do not mind?
[added]Now I know why these results are called syndicated...[/added]
Syndicate: A loose affiliation of gangsters in control of organized criminal activities.
I don't think they mind because they get more $.
If you look at Google's deal with Yahoo as an example, the deal was for $7 million [Y! paid G!]. Google then paid Y! $1 million for branding services which I take to mean displaying the powered by Google logo on the web pages SERP's.