Google click fraud update

There's an interesting Slashdot discussion about a Newsweek article on click fraud. Well, this is finally getting some more attention. But, investors still don't seem to get the message. Google's stock is back up to 194 from its short hiatus in the 170s. This, even though the AdSense program is essentially a giant scam which will collapse in the next couple of years. This would be catastrophic for Google. Their 2004 Q3 financial release states:

Revenue generated on Google’s partner sites, through AdSense programs, contributed $384.3 million, or 48 percent of total revenue, a 120 percent increase over the Network revenue generated in the same quarter last year.