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Screech: Let's Bank From My Sex Tape

10/12/2006 11:44 AM PDT BY TMZ STAFF

If you can't beat 'em, join 'em -- that's how Dustin Diamond, aka Screech Powers, feels about cashing in on his leaked sex tape.

Diamond defended his recent decision to profit from the tape to Rita Cosby on MSNBC's "Scarborough Country" Wednesday, saying "We could spend a fortune fighting it in court, with little bits already being leaked out on the Internet or we could suck it up and say you know what, it could be a losing battle, we'll make money if we just side with it."

Screech also confessed that he had formed a different opinion of his former arch-enemy, video kingpin David Hans Schmidt, even paying a backhanded compliment to the man who has exposed sex tapes of Paris Hilton, Colin Farrell and others. "I tip my hat to the guy ... if someone has a tape out there, they gotta watch out 'cuz chances are he's gonna get a hold of it... the Sultan of Sleaze has done it again and I got caught with my hand in the cookie jar."

Schmidt also appeared on the show and boasted of four more celebrity sex tapes which have recently fallen into his possession -- one featuring a rap artist, another of a celeb who stars on the Bravo network. We're just hoping it's not James Lipton.

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