Aereo uses specially designed equipment that crams 80 dime-sized TV antennas on a single circuit board and stores programming that users can access by logging in to a website.

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In early October somebody with access to a members-only Internet discussion group sent Circuit Judge Diana Lewis unflattering remarks that Brian LaBovick, among other attorneys, had made about the judge's jury selection technique in an accident case he'd recently lost.

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What's more, Capellas has ratcheted up pressure on rivals this year by migrating 10% of MCI's phone calls from old circuit-switched networks--subject to those antiquated access fees--to the Internet, which is free of them.

FORBES: Screaming Match

The SEC has already proposed a number of changes designed to address their growing influence, including extra restrictions on broker-dealers that provide direct market access to high frequency traders, a trader tracking system for large traders, circuit breakers that would slow trading in individual stocks if they fall more than 10%, and new rules for off-exchange trading venues.

FORBES: SEC Wants Real Time Trading Data