Word: reinstein
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Dates: during 1980-1989
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...counterfeiting of albums. Jules Yarnell, special counsel for the Recording Industry Association of America, estimates that companies lose $800 million every year through counterfeiting, piracy and bootlegging. Walter Yetnikoff, president of CBS Records Group, figures the industry loses 20% of its revenue just from home taping. Jack Reinstein, treasurer of Electra/Asylum/ Nonesuch Records, calculates 400 million albums were taped off the air in 1980 alone, "without any compensation to the artist, the songwriters and publishers, the musicians, the record company." Huffs Kal Rudman, professional music biz pundit: "It's grand larceny! It's outrageous...