Matt Cutts' recent Webmaster video was an answer to "How a site can recover from a period of link spamming?"
Citing an example of Interflora, Cutts said that Google penalized the website for buying links for 11 days. But, the question now comes, how can a website penalized by Google get its rankings back in 11 days?
Instead of giving a specific answer to the question, Matt explained the process in a general sense. He suggests disavowing the bad links considering them as a payback and also disavowing all the links that might be paid. Using the domain level disavow option is better than disavowing a single link at a time. Matt said that you should use the disavow tool like a machete.
So, if you have bought links between a specific date range, you can disavow them at domain level. If not all, at least most of the links acquired between the date ranges can be removed.Link Spammed Google for a Specific Period? Matt Cutts Recommends Mass Disavow!,