Do you have a link on the back story for this? I had not heard that Kerry was wearing an undeserved "V". Thanks in advance.
The "V" (for valor) device is used to distinguish awards that can be made for either combat or non-combat actions.
The Bronze Star is one of these awards. I'm certain that there are others but I haven't researched this further. kerry's Bronze Star has the "V" device listed for it.
The Silver Star, on the other hand, can only be awarded for actions performed under enemy fire. The "V" device just isn't awarded for it just as it would never be awarded for a Medal of Honor. The term "gallantry under fire" is part of the citation for it; a designation for valor is incorrect for these medals in military awards terms.
kerry's corrected DD215 lists the award as Silver Star with combat "V". This is bogus; Silver Stars just don't have "V"s and never have.