Not much is known about the the upcoming movie of Wall Street 2 other than it will once again team up actor Michael Douglas as Gordon Gekko and director Oliver Stone. When 1938 Media’s Loren Feldman heard the news this morning, he decided to come up with his own script—on Twitter. Over the course of more than twenty Tweets, starting with this one, he roughed out the basic plot lines of the movie. Well, it could be the plot of the movie if Oliver Stone decides to make it about the Web 2.0 crowd. Something tells me that Owen Van Natta, Jason Calacanis, and Henry Blodget aren’t going to make the final cut. Well, Blodget might.

Below is a (slightly edited) version of Feldman’s Twitter script for Wall Street 2. I think Feldman should make a puppet version of the movie. What do you think? (Script note: “Bud,” you’ll remember was the character played by Charlie Sheen in the original movie):

# Wall Street 2 coming. A 186 year old Michael Douglas to play Bernie Madoff. Hope O.Stone is on blow when they make this one.

# Gekko fears only one. @karaswisher . He’s more afraid of her, than twitter is of a business model. She scares Bud too. Heck she scares Rupe.

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1938 Media’s distribution deal with Verizon, announced just a week ago, is history.

Yesterday a group of “civil rights activists” protested the deal and threatened to boycott Verizon. The reason? A 2007 video that Feldman created called “TechNigga” that the groups say is racist.

The video was not included on Verizon, and television reports that Verizon financed the video are incorrect. But Feldman confirmed to me that all 1938 Media videos were removed by Verizon yesterday and that they terminated the relationship today.

There is almost certainly a back story to this that may unwind over the coming days. Feldman has been in the spotlight recently for a set of puppet videos that originally mocked new media consultant Shel Israel (and later others including me, Loic LeMeur and Dave Winer). A lot of people were angry with Feldman over the parodies (and I drew criticism for covering the story) – and it wouldn’t surprise me if someone helped organize the early stages of this protest.

So what’s your opinion? Is the video racist? Should Verizon have stood by Feldman? Tell us in the comments.

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The site grew in popularity after Feldman began mixing puppet parody shows into his usual punditry, specifically targeting hyper-sensitive tech industry insiders who were sure to fire back. But those parodies have drawn significant criticism from those targeted as well as a few sympathetic bloggers. In response Feldman agreed to stop some of the harder hitting stuff aimed at social media consultant Shel Israel.

The puppet videos are definitely a hit, however, drawing sponsors and, earlier this month, a distribution deal with CNET.

The CNET deal has yet to go live, and chances are it never will. The recent controversy may have given CNET cold feet. Feldman says the deal is “on hiatus” for now.

But starting today Verizon Wireless’ 3 million mobile VCast users will have access to Feldman’s video content on their phone, as well as 1 million Fios broadband cable subscribers via video on demand. The deal, which will pay Feldman an undisclosed license fee, puts the 1938Media brand next to YouTube, Break.com and other high profile partners.

Effectively Verizon has created a 1938Media channel and has given Feldman the ability to bring in third party video content as well. To start, Mahalo Daily, Revision3, Ze Frank and Jay Grandin content will be included.

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In the videos, a naked puppet interviews people (or other puppets) to talk about “social media,” making fun of Israel’s interview style. The puppet is naked as a spoof on Israel’s book, Naked Conversations, about the importance of blogging for companies.

The new sponsor, Zong, a Switzerland-based mobile platform company, is providing “significant funding” to sponsor the parody Shel Israel show created by Feldman.

This will be a serious ego blow to Israel, who has been mocked by Feldman and bloggers around the quality of the show and has publicly attacked Feldman over the parody.

The fact that the parody, but not the official show, is now receiving financial support from third parties is a reflection of the entertainment value of the two shows. Not only do some people find the parody very funny, Feldman has also landed fairly well known entrepreneurs in his interviews. Now that Feldman is making money from the show, it’s probably here to stay, much to the real Israel’s chagrin.

As I’ve disclosed before, Feldman and Israel are both friends of mine. I hosted the launch party for Shel’s book, Naked Conversations at my house in February 2006, and Feldman is staying at my house this week.

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A minor blogosphere tussle has turned ugly. That’s nothing new; what’s surprising about this particular fight is that one of the participants, Shel Israel, is a well known author and consultant who makes a living advising others on how to avoid the very trap that he fell into himself. In the process Israel has done considerable damage to his personal brand.

Israel is a long time PR and strategy consultant, and co-authored the book Naked Conversations with blogger Robert Scoble. The book advises companies to embrace new media conversations with customers and potential customers.

Israel recently teamed with Scoble on a new project – video interviews for FastCompanyTV. On March 19 Israel uploaded the first four of twenty interviews he’s recorded.

Frankly, the interviews are pretty bad. One in particular, with Forrester senior analyst Jeremiah Owyang, is particularly poor. While Owyang goes on a long monologue, an uninterested Israel drinks coffee and holds a microphone that at times covers large parts of Owyang’s face.

Up to this point, there’s nothing much of note. Israel admits that video interviews are new to him, and he values the opportunity to learn and improve. He should have taken the comments and feedback, even the highly critical feedback, from the few people who watched the video as constructive criticism and moved on. Israel certainly would have advised his clients to do exactly that.

But he didn’t take his own advice, and that’s where the real trouble began.

Enter Loren Feldman, a video blogger and general trouble maker. Feldman seems to have a nose for thin skinned people and targets them on his video blog, 1938Media. When he saw Israel’s first show, he went on the attack, and shortly thereafter recorded a steady stream of faux interviews with a hand puppet as Israel. Feldman has now recorded ten or more videos using the puppets.

Israel became enraged at the puppet videos and went on the attack, writing multiple personal attacks against Feldman. He called Feldman a racist and a pornographer, and talked about hiring lawyers and private investigators, to go after Feldman. He also made other vaguely threatening remarks.

The blogosphere reacted, predictably taking sides with Feldman.

Israel responded, but it was too late. The damage was done.

I spoke with Israel today on the phone, and his comments reflected what he wrote in the blog post. He stressed that the video interviews would get better over time, and regretted his reaction to Feldman.

What should Israel have done? Absolutely nothing at best, or simply acknowledged the attention from Feldman as childish but somewhat funny. I know from experience that this is the best way to handle Feldman – over a year ago he also did a hit job on me, which I ignored. He moved on to other targets.

Feldman and Israel are both friends of mine today. I hosted the launch party for Naked Conversations at my house in February 2006, and Feldman is staying at my house this week (which is why I heard about this in the first place). I doubt that the two will ever be on friendly terms with each other, but I hope that something positive can come from this for Israel. He should start by reading his own book.

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