I just posted on how BCCI despite being an independent body became badly mismanaged to become this hotbed of corruption. One suggestion to fix BCCI which keeps doing rounds is to make it a government body. The govt appoint the Board, Top Management and so on and let its functioning be broadly independent. But looking at how messed up other Indian government appointed sports bodies are, one knows this cannot be the solution really. We have not really given a lot of thought to the organisation of institutions.
This article also relooks at this idea of whether government regulators in the economic space. It ctiticises the recent book of Shiller and Akerlof:
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Utopia, you are standing in it! 
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