The removal of a regulation is quite different from co-opting the government to do the industry's bidding.
In 1993, the Clinton administration repealed the Glass-Steagall Act under pressure from Wall Street because Clinton wanted to secure Wall Street's financial support for his coming reelection. Wall Street money effectively contributed to shape the financial system in Wall Street's favor, that is, towards less financial regulation.
With this perspective, I see the removal of the Glass-Steagall Act regulation as an example of co-optation.