What's wrong with the below picture?
Right! +100 but still only 1 rep, and not suspended.
This is very confusing, only those who happened to see the spam in action (10k only) will know.
Can the -100 be visible in the user's reputation tab?
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There are 2 sides to this coin:
In the end, you are looking to add it so you can have a full accounting of the user's reputation. However, this doesn't always add up anyway because many different reputation events are hidden from normal users, such as reputation lost from having a post deleted and reputation lost from downvoting an answer.
If something had to get done, I'd be much more in favor of something similar to animuson's suggestion of an indicator that there are hidden reputation events, but even then, it doesn't seem necessary.
I'd also have less of an issue if the -100 would have a more innocent labeling than "SPAM post removed". But again, still doesn't seem like a huge need.
I happen to agree with Nick's view that;
... we are giving users the benefit of the doubt that they can be better here as we always do - we feel hiding it from the world (but still visible to the user and moderators) is the correct approach.
I don't see why you need to see it, apart from seeing the numbers add up. We purposefully hide bad activity on users profiles, and this should continue to be the case in this circumstance.