The proper term is Regulatory Capture.
And it's not just the FCC; It's happening on a much grander scale at the SEC, CFTC, and congress - all of whom have been "captured" by Wall Street and the big banks. Financial regulatory reform is a joke with just as many loopholes for the banks as Net Neutrality has for carriers.
Goldman Sachs recently got off almost scot free with a $550 million slap on the wrist. All that matters is the greedy Wall Street psychopaths get richer at the expense of Main Street while congress scrambles to line their pockets at our expense. Eventually it all collapses and we wake up one day and bow to our masters in Asia.
Look around you at all the corruption, the greed, political stupidity, dumbed-down populace (thank you, media and public education system), the rotting infrastructure, and the brain-dead garbage that passes for modern entertainment.
Just as Rome fell ...
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en.wikipedia.org/wiki/Re ··· _capture