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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (92299)	7/8/2002 1:05:30 AM
From: Jdaasoc	Read Replies (1) \| Respond to of 99280

Maybe this is why market tanking. Merck a fraud too. All those widows and orphans invested in another fraud like ENE and TYC. 12:47am 07/08/02 Merck records $12.4bln sales it never collected-report (MRK) By Allen Wan Merck & Co. (MRK) recorded $12.4 billion in revenue from its pharmacy-benefits unit Medco over the past three years that the subsidiary never collected, the Wall Street Journal reported in its online edition Monday, citing the drug giant's latest SEC filing. Medco included as part of its revenue the co-payments collected by pharmacies from patients, even though it doesn't receive those funds. Between 1999 and 2001, the co-payments represented nearly 10 percent of Merck's overall revenue, the report said. Merck said that its revenue-recognition policy conforms to GAAP principles. There aren't any indications that regulators have any problems with Merck's or Medco's accounting, the report said. Shares of Merck ended at $48.86 on Friday.