Last month this website was hacked. Whatever happened, completely disabled the site and the WordPress admin panel. I thought the problem was resolved until a few days later when I noticed my pagerank had fallen from 4 to 0, overnight.
Google Webmaster Tools showed a list of “keywords” that Googlebot sees, surprise! They were all spam keywords. I searched everything I could think of in blog content, but the words didn’t exist. I did submit a request for review to Google but didn’t hear anything back. There is not much information on what to do about this, I’m surprised Google doesn’t have better resources to help people diagnose or fix this problem.
I gave up on it, because I thought a fresh install of WP 2.7 would fix the problem. Keywords still showed as spam, but I figured maybe those didn’t get updated very frequently. Waiting…
Then, after installing Adsense recently, the problem became apparent. I checked the cached versions of some pages, viewed page source: nothing.
Viewed same cached pages at “text only” and bam! The page was loaded with spam, buried in the footer. I removed the call for wp_footer, since my footer is blank anyways, and all of my best programmers and developers are working on resolving the problem in its entirety. They removed a malicious cookie in Base64 encoding, and a few other suspicious lines of code in various places in the directories.
Further bulletins as events warrant.