Arrington hinted in his post that there is more to this story than is being revealed:
> I also think VentureBeat should fully disclose any other issues they have that might be affecting their judgement about Y Combinator, but I’ll leave it at that.
What a contrast a zoom and filter can have on an image... The actual image is him intently/genuinely listening to what I can only suppose is a question from an audience member of some kind. And the Venture Beat cropped version is supposed to make it look like he's coldly calculating someone's demise.
It's hard to tell, but the image has also been rotated, which makes it seem like he is leaning forward more intently. Click the little "compare" link on the TinEye result to see what I mean:
Before: http://cdn.mashable.com/wp-content/uploads/2010/04/paul-grah...
After: http://venturebeat.files.wordpress.com/2012/09/pg-lowball.jp...