UPDATED: 08.11.10 — Peter Loftus correctly points out that Dow Jones, the publisher of The Wall Street Journal, had the story on Friday night as well.
Not to wax all snark-i-cal, and stuff — but is the WSJ part of the MSM?
He is right — in any event, he covered it. [End, Updated Material.]
Despite some saying this was old news -- it is in fact new -- and unwelcome, to Whitehouse Station's denizens. [BTW, You read it here first, Friday night -- the night it was filed.] It is not every day that a two-line disclosure in the Legal Proceedings portion of an SEC Form 10-Q makes headlines in the New York Times, and the Washington Post:
. . . .Merck, the world's second-biggest drugmaker by revenue, has received inquiry letters from the Department of Justice and the Securities and Exchange Commission, the company said in a regulatory filing. The letters "seek information about activities in a number of countries and reference the Foreign Corrupt Practices Act," according to Merck. . . .
Currently, Merck is operating under a federal corporate integrity agreement covering its promotional practices and price reporting. The agreement runs through February 2013 and is similar to two earlier, five-year corporate integrity agreements with the Department of Health and Human Services office of inspector general.
Merck entered into one of the agreements in February 2008, and Schering-Plough entered into the other in 2004 and later extended it for a couple of years. Merck bought Schering-Plough for $41 billion last November.
The agreements in general require Merck and its Schering-Plough unit to maintain an ethics training program, as well as "policies and procedures governing promotional practices" and reporting of prices for its drugs to the Medicaid health program. . . .
Indeed -- now a full five days later -- the MSM picks up the story.
2 comments:
off topic but relevant (IMHO) to the New Merck, a recent job posting on their website:
"Consultant, Global Executive Rewards-COM000124
Description
Merck is a global health care leader with a diversified portfolio of prescription medicines, vaccines and consumer health products, as well as animal health products. Today, we are building a new kind of healthcare company - one that is ready to help create a healthier future for all of us.
Our ability to excel depends on the integrity, knowledge, imagination, skill, diversity and teamwork of people like you. To this end, we strive to create an environment of mutual respect, encouragement and teamwork. As part of our global team, you'll have the opportunity to collaborate with talented and dedicated colleagues while developing and expanding your career.
This position will assist in the development, implementation and communication of executive compensation programs including long-term incentives, financial/tax planning and deferred compensation.
Conducts executive job analysis/evaluations for internal employees or prospective hires and develops compensation recommendations to senior management and seeks appropriate approvals.
Performs executive market analysis and structural recommendations.
Primary lead for long-term incentive operations including global equity compliance, tracking, approvals and website content.
Keeps current on industry trends and reports findings on emerging executive compensation issues.
The primary location for this position is Kenilworth, New Jersey and secondary is Whitehouse Station, New Jersey
All in the face of the 15% reduction in staff!
But they have to focus now on how best to compensate the Executives?!
Thank you so much!
This is fabulous -- so, I've made it a shiny new post, directly overhead -- with graphics!
Namaste, and do stop back.
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