In the ‘90s a buzzword in the business press was “regulatory capture” - describing how the revolving doors between industries and government enabled industries to take control of their regulators. Back then the fingerpointing was aimed at the energy sector, but now we know that Big Pharma became the most successful of the lot.
Karl Denninger has been ranting about this for years.
Interlocking Board Directorates have always been a problem as well.