Secondary Sales and Venture Capitalists – an unhealthy mix

Looking on all kind of nice seed fundings (in range of millions of dollars) for very trivial ideas, I wonder why actually there are people (mostly VCs) investing in such, from my point of view, non sustainable ideas. I always thought that this is just some kind of game between rich people to fool other rich people to earn money almost from nothing. Helge gives in his blog some interesting view on that, which I think reflects some of my thoughts how all this VC buisiness model works.

I wonder why I haven't seen much of same things happening in Europe. Is it because of strong regulations or is it because of more conservative buisiness models?