The first impression we got from reading the new “valleywag.com” Silicon Valley gossip column is that we hope they have libel insurance. Today’s first item is about how a local executive “looked as if he had just snorted coke.” There’s items about who the top executives at Google are dating — along with pictures of their alleged “Google arm-candy.” And, speaking about Google, there’s a report about how co-founders Larry Page and Sergey Brin allegedly had their credit card denied at Ipanema restaurant. The site is run by Nick Denton, who the Examiner’s P.J. Corkery described as the “William Randolph Hearst of the blog world.” Denton has similar blogs in New York (The Gawker), Washington (The Wonkette) and L.A. (The Defamer). The local editor is Nick Douglas, who used to edit Blogebrity. Here’s a FAQ on Valleywag. Valleywag’s launch is drawing media attention, most from the web: [WebProNews.com] [Search Engine Lowdown] [Search Engine Journal] [Outer-Court.com’s Google Blogoscoped] [Search Engine Watch] [MediaBistro.com’s fishbowlLA (how come they don’t have one for SF?)] [Deadspin.com] [SF Chron] [sfist.com]