This Day On The Street
Continue to site
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

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

Companies like Google (GOOG - Get Report) and eBay (EBAY) say that the Act compromises the openness of the Web and more closely resembles the Internet policies in regimes like Iran, Malaysia and China and are petitioning Congress to oppose the October bills, which have since seen amendments and waning support.

Sites like Wikipedia, Tumblr, WordPress, Blogger and Reddit see the bill as such a threat to users and even their viability. Some of the sites and other media outlets like Wired are undergoing a 24 hour blackout and petition campaign to underscore SOPA's threat to Web openness. While petitions appear to be making an impact on the progress of the bills, its sponsors still indicate interest in proceeding.

Speaking as MPAA Chairman, Dodd criticized the blackouts on Tuesday. "It is an irresponsible response and a disservice to people who rely on them for information and use their services. It is also an abuse of power given the freedoms these companies enjoy in the marketplace today," wrote Dodd in a statement. He added, "a so-called "blackout" is yet another gimmick, albeit a dangerous one, designed to punish elected and administration officials who are working diligently to protect American jobs from foreign criminals."

The Dodd intersection between Wall Street and SOPA opponents is filled with irony.

The Dodd Frank Act is seen as a protection for consumers from greedy Wall Street practices. In contrast, as the MPAA head, many SOPA and PIPA opponents argue that Dodd is serving the interests of media conglomerates over the Web freedom.

SOPA opponents and Wall Street traders and bankers are now united in their opposition to Dodd, which may give the likes of Google pause as they currently run protests and blackouts to protest the Act. While the Dodd Frank Act saw a watering down of many provisions, opposition to the Act by key bankers and drop in subsequent bank fees and risk taking should be a relief to depositors and customers.

People on all sides of the SOPA debate should at least consider that Dodd is making a similar effort with his advocacy against Web piracy of movies and T.V. shows. While the Golden Globes may have portrayed Hollywood glamour as usual, there's no amount of lipstick that can paint over its declining numbers. Cinema attendance fell over 4% in 2011 to a 16-year low, Bloomberg reports, meanwhile, streaming service, DVD and Blue-ray disc movie sales fell over 2% in 2011.

Piracy is a real issue that warrants a solution, even if SOPA and PIPA in their current states have big unintended consequences.

Google said so much even as it joined SOPA blackout's and petitions. "Because we think there's a good way forward that doesn't cause collateral damage to the web, we're joining Wikipedia, Twitter, Tumblr, Reddit, Mozilla and other Internet companies in speaking out against SOPA and PIPA," wrote Google in a blog post.

To be seen is what happens next with the bills, which are due for Congressional vote's starting on Jan. 24.

-- Written by Antoine Gara in New York

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
GOOG $540.11 -0.44%
AAPL $132.54 0.88%
FB $80.54 0.07%
TSLA $247.73 0.86%
YHOO $43.48 -0.44%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs