I'm a Human Inbox

Tuesday, October 18, 2005

RIAA in the red, Upper Management Well Compensated

[Media: Article]

Here's some interesting tidbits of information from the IRS. After RIAA's legal battles, their budget has been overblown, and yet the Upper Management is still getting extremely well paid.

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.

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.

So let's count who's winning in this situation.

1. Customers are getting sued
2. Politicians are getting Lobbied
3. RIAA is in the hole
4. Upper Management got their Christmas Bonuses

In otherwords, the customers and artists lose. The Politicians and Upper Management Win. Does anyone else see a problem with this?

Link (via Boing Boing)