A new study shows tax breaks given to drug companies have failed to create the promised jobs, to which the Bush Administration replied: “Al-Qaeda in Iraq shares Osama bin Laden’s goal of making Iraq a base for its radical Islamic empire and using it as a safe haven for attacks on America.”

Kidding, rather.

In a related story, Merck had strong earnings in the second quarter, or, as it reported to the IRS, no earnings in the second quarter.

Meanwhile, the FDA asked Wyeth for additional information about its menopause drug, but Wyeth suddenly got moody and angry, and said, “Fine. Just forget it.”

Former Treasury Secretary John Snow said raising fuel standards would harm the U.S. auto industry, causing almost as much damage as the industry’s done to itself. In a totally unrelated development, Snow is now chairman of Cerberus Group Capital – which is buying Chrysler.

In other corporate news, XM and Sirius might allow customers to choose individual programming, which would probably mean the end of unpopular channels – which, in turn, means the end of most satellite stations.

Brian Patrick Cork