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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (15311)	7/8/2002 8:18:50 AM
From: Roebear	Read Replies (1) \| Respond to of 36161

Frank, Guess companies soon be going to "AA" meetings: Message 17704007 Merck Booked $12.4 Billion in Revenue It Never Collected Drug giant Merck & Co . recorded $12.4 billion in revenue from the company's pharmacy-benefits unit over the past three years that the subsidiary never actually collected, according to a filing with the Securities and Exchange Commission, Monday's Wall Street Journal reported.... "For a company such as Merck to reflect as revenues in its financial statements billions of dollars of co -payments a customer makes directly to another company, the pharmacy, which the pharmacy collects and never remits to Merck, just does not reflect the economics of what is occurring," said Lynn Turner, a former chief accountant at the SEC who is now an accounting professor and director of the Center for Quality Financial Reporting at Colorado State University in Fort Collins. "If that is what the SEC accepts, then investors are in trouble and our financial reporting indeed needs improving," he said... AA = Anderson Anonymous ng Roebear