As seen on Google groups, one Googler, Wysz says that spammy blogs that are linked to a site will not affect one's ranking etc.
"I wouldn't really worry about spam sites hurting your ranking by linking to you, as we understand that you can't (for themost part) control who links to your sites. However, there is some action you can take if you come across spam in Google's index. The preferred method of reporting spam to us is by clicking on "Report spam in our index" while logged into Webmaster Tools."
Find more information on Spam Report.
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