Venture capitalists sell themselves as friends to entrepreneurs, and talk about how they're going into business together. Isn't it useful to know how they treat the people they're actually in business with? The tale of the formation of Velocity Interactive Group is instructive in that regard. Former AOL CEO Jonathan Miller and ex-News Corp. executive Ross Levinsohn, who oversaw MySpace, raised eyebrows when they switched VC teams last December. The full story is even more cutthroat than we imagined.