Indeed, although it's more than just a "bad experience".

It says something fundimental about the VC, his attitudes towards the people he funds, e.g. how much he respects them, which is not very much.

Note the very important detail that this was a (very?) successful startup. Now imagine being a founder in one funded by this VC during a bad period (something much more likely outside of the dot.com bubble in which this happened).

You don't want to be there and Mr. Blank's anti-reference will help those who listen to him.