This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SOPA Opponents and Wall Street's Common Enemy (Update 1)

Stocks in this article: GS JPM GOOG

Updated to reflect Congressional dropouts from SOPA and PIPA bills

NEW YORK ( TheStreet) - Critics of the Stop Online Piracy Act (SOPA) and Wall Street's richest dealmakers have a common enemy who was seated at Sunday's Golden Globes.

Former Sen. Chris Dodd (D-Conn.), a namesake of the 2010 Dodd Frank Wall Street Reform and Consumer Protection Act that's tearing at the earnings of banks like Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C), is now a SOPA and Protect IP Act advocate in his new job as head of the Motion Picture Association of America (MPAA).

Sen. Chris Dodd (D-Conn.) a namesake of the 2010 Dodd Frank Act and SOPA proponent.

Dodd, who chaired a key Senate Banking Committee, became an advocate for Wall Street reform after America's largest banks required billion dollar bailouts to survive the financial crisis. In 2010, Congress passed a bill co-authored by Dodd and Rep. Barney Frank (D., Ma), which restricted many of Wall Street's trading practices while overhauling derivatives markets and rules surrounding mortgage and credit card lending.

In June, JPMorgan Chief Executive openly criticized the Dodd Frank to Federal Reserve Chairman Ben Bernanke. After reporting its first quarterly loss since the crisis, Goldman Sachs Chief Executive Lloyd Blankfein chimed in and said in a November conference that the Act's "Volcker rule" could harm businesses that rely on Wall Street market making.

For more on financial earnings see why Wall Street may lose in a jobs recovery.

Now Dodd is taking some of the government rule making that was directed at banks and is applying it to the Internet through his support of SOPA and seat at a powerful Hollywood lobbying group. In Jan. 2010, Dodd announced he wouldn't run for re-election to the Senate, ending a 30 year career. His re-election campaign would have had to address an ongoing investigation into alleged "VIP" mortgage loans he received from Countrywide Financial.

SOPA is designed to give the U.S. Department of Justice powers to eliminate Web sites that sell counterfeit goods and content. The legislation would force Internet-service providers, domain registrars, search engines, payment services and ad networks to stop working with these sites and provide technical measures that would remove them from the Internet.

For other SOPA connections, see the legislators that support the bill. For more on Web blackouts, see how to survive SOPA blackout day.

The bill is supported by media giants like Time Warner (TWX), Walt Disney (DIS) and Viacom (VIA), who are sick of seeing their movies and T.V. shows streamed online for free.

However, sponsors of the bill first floated by Congress in October dropped their support of it on Wednesday. Sen. Marco Rubio (R-Fla.) and Sen. John Cornyn (R-Texas) but withdrew their support after protest campaigns permeated the Web. "Stealing content is theft, plain and simple, but concerns about unintended damage to the Internet and innovation in the tech sector require a more thoughtful balance, which will take more time," wrote Cornyn about on his Facebook page about dropping his support for the bill. Overall, six lawmakers dropped their support for the bills on Wednesday.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs