Tuesday, October 18, 2005

RIAA in the red?

"The RIAA (Recording Industry Association of America) fights the good fight against those hundreds of millions of villainous men, women and children who get out of bed, every morning, bent on robbing the hard-pressed labels of what’s rightfully theirs – their profits. Acting for its owners, Organized Music (EMI Group, Vivendi Universal, Warner Music and Sony BMG), the RIAA is championed by Mitch ‘The Don’ Bainwol and Cary ‘Scary’ Sherman, the ceo and president of the RIAA, respectively. But undoing the evil wrought by the likes of 14-year-old Britanny Chan doesn’t come cheap and according to US Internal Revenue Service filings, the RIAA had an income of $46.4 million, but expenses of $51 million, leaving it in the hole to the tune of $4.6 million. And that’s despite the many millions of dollars in blackmail payments the RIAA has so far brought in from victims under ‘settlement’ deals during its sue ‘em all marketing campaign. According to the IRS, the RIAA spent $14.5 million in outside legal fees and $11.7 million in “employee compensation”. Interestingly, Sherman got $1.13 million, but his boss, Bainwol, received a trifling $908,848."



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