Contrary to the interpretation of some forum and blog posters, Google AdSense terms and conditions does currently forbid the use of AdSense ads in email.
story from the 29th I reported on a method of pushing AdSense ads directly into emails, and some talk that the practice might be in some way admissable based on the wording of the AdSense terms and conditions.
The exact section under speculations that it at some point WILL allow AdSense ads in email.
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