So with the understanding that bribing regulators is probably illegal, if you time-shift things about a bit and bribe people before they become a regulator, is that still a crime? There is still a quid pro quo in play.

Maybe regulators shouldn't be picked from a pool of people that have the stink of organised crime following them around like a miasma? Or do normal random people have money thrown at them inexplicably for no apparent reason? Maybe that ought invalidate the appointment?

In the history of nation collapses, civil wars, massive death, empty shelves and deprivation and disease, unrests and burning and instability... looting of assets by the people 'in the know' always precedes the collapse. And is a large part of what causes the collapse, correlation and causation both.