amok: I remember this also. If I remember it correctly it turned out he was 'gifting' his 'friends' games, and in return they where 'gifting' him money. After being found out he was happy to get his account back, restricted from gifting, though Valve could have closed it permanently. I'l have look into the others later when I have the time.
And you feel it is quite ok you are robbed from all "your" games due to minor offence to the TOS? As I asked earlier: why didn't Valve simply disable gifting for that person to begin with? Why did they feel they'd need to RETALIATE afterwards to their customer, by taking away all his games from him? It is not like he was pirating the games or breaking into Steam servers to get customers' credit card information.
I find it highly interesting if you feel Valve has every (moral) right to do that. And at the same time, some other Steam proponents here keep claiming that if e.g. Valve was forced to shut down their services, certainly they'd unlock all their games so that their customers could continue using them.
Sorry, but even if that was technically feasible (which it isn't), Valve's track record has shown that they don't feel you have any rights whatsoever to the games you have "purchased" from their service. It is a terminable service, it says that right in the TOS. People, stop acting as if they treated it some other way, the proof is in the pudding.
bazilisek: There's this legal concept called "onus". It's very useful.
You claimed those, or similar, reports have turned out to be wrong or "not so black and white". You didn't provide any proof to that either, even a single link. I should just take a Steam fanatics' word for it.
As said, as long as Valve keeps its mouth shut, naturally we have only one side of the story, and until then that's the only we can go with.