Ask HN: Is it reasonable to assume all skype calls are recorded by Microsoft?

There's been an uptick in privacy policy articles lately targeted at Google. At work we always joke about how Microsoft and the Gov. has access to all Skype video calls, but I'm actually wondering seriously whether this is the case. I seem to remember the architecture around skype is still P2P for voice and video calls? Their privacy policy doesn't seem to preclude them from doing so. Thoughts?