Financial Services Authority (UK)
Originally set up too late to protect the public from financial scandals, it now exists to gradually corode financial services in the UK. The favoured mechanism is by writing nonsensical rule books that go round in circles in the language of a 17th century lawlord on steroids. Also, rules that are "Principal Based" so that they can catch you out on anything they haven't written an actual rule for (yet). The FSA is the chocolate beard
in the otherwise pristine washroom of British Financial Services. It will take UK Financial Services down the same road as our car industry has gone - India and China.