They know what they're doing. The problem is that they're biased.

It's fundamentally the same issue that plagues financial regulation. The people who are the most qualified to understand the technological and regulatory issues are the most biased, because almost by necessity they're products of the same industry they're supposed to regulate.

What was the other major reversal? I'm a bit out of the loop.

I don't think they need to be disolved, as in theory they perform a necessary function. Instead, merely sack all of the directors and hold parliamentary hearings for their replacements. Make it open and accountable, and you won't see the kind of patronage happening.

See "regulatory capture" wiki link below. What'll happen is what always does in the US. They'll assume the only people who know what they're doing are the regulatED, and there's your revolving door.

Pretty sweet choices: idiocy or corruption.