This is from 2010 is there any information on if its still that bad and how its currently done?
Probably not much as changed. Regulations and laws are slow to change and a company with deep pockets can pay for plenty of lobbyists to make sure it doesn't change or changes in a favorable way.
I wonder when giant corporation will start taking the place of governments altogether.
Not that it makes much difference for us mortals
What do you mean when?
Well large companies are already more powerful than governments in certain aspects. Google and Facebook (and plenty more I’m sure) blatantly ignore the GDPR for example - they only pretend to be compliant (annoying users in the process) but are very far from it in reality.
EU needs to fix it's tax loopholes before slapping companies with rules and sanctions.