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There was initially much media sniping, but then his critics had to concede that he was right: the "rules of the game" had to be changed and financial regulation radically improved, both to discourage destructive corporate behaviour and encourage companies committed to long-term investment, innovation and good employment practice.
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Parliament commissioned two reports, and in 2010 new regulations radically changed the way the sport was run.
However, such a shift in regulations could radically alter the current solar market - for the better.
It forms part of a legal space which is completely asymmetric, in which national regulations differ radically, because telecommunications are being projected onto a veritable technological and economic battlefield.
"Banking regulation has been radically changed with much more intensive supervision of the largest firms.
That's because a major overhaul of the technical regulations next year will radically change the Formula One cars.
The Policy Exchange says that number could increase radically if regulation of housing associations is relaxed.
"This is the first year of radically different regulations, which means that all teams are developing their cars along potentially quite different avenues.
Instead, he named other areas where he saw possible breakthroughs: energy, telecommunications, and e-commerce, all of which have changed radically since the regulations were drafted, in the early nineties.
As the US tweaks its web regulations, Cuba is looking to radically update its internet infrastructure.
General secretary Billy Hayes said: "These appear to be major deregulatory steps from Ofcom and we broadly welcome this signal of a radically different approach to regulation which has finally been recognised as a failure.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com