On econjobrumors.com, there's a discussion thread about publishing in a journal that you are the editor of.
Economist e566 gives this brief El Naschie history.
The most notorious case was Mohammed el-Naschie of Chaos, Solitons, and Fractals, who pubbed over 200 of his own papers in his own journal (which he founded), citing more and more of his own papers in the journal to seriously goose the journal's impact factor. Elsevier thought this was great until the physics profession, led by John Baez, objected in places like Nature and Science, and Elsevier had to get rid of him, although he fought hard against it, threatening lawsuits and using his wealthy family to spread self-serving publicity to the point that even now taxi drivers in Egypt will tell you that he has not received the Nobel Prize in physics due to discrimination against Arabs.
Baez's role is exaggerated, but that is admirably succinct.