Merck: "Remember that $12 billion we said we made?"

brian_igo · #1 07-08-2002, 01:06 PM

Nice to see that energy companies aren't the only ones hiring accountants, comptrollers, CFO's and audit committees from Goodwill.

Merck, the pharmaceutical giant, overstated revenues by $12.4 billion over the past three years. The error represents 10% of the companies total revenue for the three year period.

Story here.

Brian

**Joubert**[$] · #2 07-08-2002, 01:12 PM

That's some pretty awesome bad debt.

Just like WorldCom, they're going to have a tough time explaining that they "didn't know". At least the Enron chicanery was difficult to follow. Trying to reinterpret GAAP in bizarre ways is simply pushing the envelope to see what you can get away with.

**Joubert**[$] · #3 07-08-2002, 01:17 PM

Too funny! I literally just opened up this email:

Merck-Medco has changed its name to Medco Health. We manage your prescription benefit on behalf of your plan. Your prescription benefit coverage will not change as a result of the name change, and you can still order your prescriptions online at our new website address, www.medcohealth.com.* There is no need to re-register.

Please note that it may take several months for us to complete our transition, so you may receive some materials that still include the Merck-Medco name. If you have a prescription ID card, it is still valid. You do not need a new ID card.

Merck-Medco is now Medco Health
Same company, same commitment, just a new name.

brian_igo · #4 07-08-2002, 01:55 PM

Heh heh...