Quote from The Register:

Yesterday [the RIAA] issued a press release announcing a piracy bust in New York which unearthed 421 CD-R burners.
Only there weren’t 421 burners, but “the equivalent of 421 burners.”
In fact, there were just 156. How did the RIAA account for this discrepancy?
“There were only 156 actual burners, but some run at very high speeds: some as high as 40x. This is well above the average speed,” was the official line yesterday.

Article: http://www.theregister.co.uk/content/6/28574.html
Press Release: http://www.riaa.org/News_Story.cfm?id=592

Given this, I don’t see how we can believe that they lose “$4.2 billion to piracy worldwide” every year (http://www.riaa.org/Protect-Campaign-3.cfm.)
Granted, what these people were doing was wrong and they should have been stopped, but there was no reason to exaggerate the numbers. I’m still not convinced P2P filesharing, even of copyrighted material, is wrong, and I certainly don’t think making a copy of a CD for a friend is in any way immoral.

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