Any forum with a policy like that will never gain the credibility and respect that HN currently enjoys. If someone wants to create a private forum and moderate it in a way that furthers their personal agenda, as opposed to the community's interests, more power to them, but they should disclose it publicly. As community members, it is entirely reasonable if we ask them whether this is indeed the case.

Thankfully, Dang disagrees with you and isn't moderating HN in a personal-agenda-driven manner (see his post above).