Ok, I'll take a stab at this. I know basically nothing about Arrington. I don't know what he's invested in or who he's friends with, nor do I care.
What I do know is that TechCrunch publishes utter trash. It's a tabloid that caters to the geek crowd. The articles are poorly written and even more poorly researched. Some of them are based on sources as flimsy as a single sentence fragment of a tweet if not a complete fabrication or speculation.
What is purported to be news is heavily editorialized. What is purported to be analysis is the kind of tin foil hat stuff one could expect to see in the typical Slashdot comment. Simply put, the TechCrunch writers are lousy journalists- if you can even use the word "journalist" at all.
In my opinion, some of the people at TechCrunch have questionable ethics. Revealing a company's internal documents in piecemeal over the course of a week to give readers some little voyeuristic thrill while raking in the advertising dollars is wrong. It would be one thing if they were blowing the whistle on something illegal or immoral that was going on there, but those documents revealed nothing of real value. It was simply a peek behind the curtains.
TechCrunch is not in the business of information and certainly is not the "paper of record" for startups and entrepreneurs. They are in the business of selling controversy where it doesn't necessarily exist. It is for this exact reason that they often have a headline designed to stoke the nerd rage fire on top of an article that is little more than some asshole's opinion or wild guess about how something is going to play out. When TechCrunch actually does publish something newsworthy there are usually several other sources with better coverage and better writing.
I will continue to flag TechCrunch submissions.