Not "impossible." Very difficult.
Construct a regulatory monopoly, and it will behave as any other monopoly. The entire history of well-meaning liberals is trying to construct a universe in which absolute power will not corrupt.
Krugman's column simultaneously blames Bush and then points out that nothing was changing after Bush was gone. Imagine that. The touch of Obama is not sufficient to make human beings into angels.
Absent this accident, you really thing the MMS would be any different three years from now than it was before this happened? Or twenty years?