re: Thanks! Proves my long-standing point
If you want some classic studies on the point, see Theodore Lowi, "The End of Liberalism", or writings of economist George Stigler (who won a Nobel prize for his work on regulatory capture).
Oddly enough, in the late 60s / early 70s one of Ralph Nader's main lines of work was showing how regulatory agencies, mostly New Deal and supposedly liberal, were in fact making rules that benefitted the interests they regulated. Thus Nader's emphasis on consumer activism, needed precisely because govt wasn't actually watching out for consumers.