This would be my gut reaction too, reading about this in more detail has made me think the issue is more subtle than that. My point is, if you don't regulate a market, can you expect a market to regulate itself?
I agree, there are plenty of examples where regulation works. The National Health Service in the UK is a shining example of this (it has its own issues but what can you expect when you are running one of the largest organisations in the world?). There are succesful regulations that reward companies (such as with subsidies and other indirect incentives) to choose the 'morally correct' option (this is done for example in the EU to limit environmental impact of industry).
I believe we're saying the same thing. Regulations are needed, and we cannot expect companies or the market to do it themselves.
If anything needs regulation, it's campaign finance.
No disagreement on the need to regulate campaign finance, either.