I'm pretty sure that the Powers That Be didn't want the Fair Labor Act, or the Clean Air Act, or the Pure Food and Drug Act, or a number of other things. They may not care who is president, but on issues that they do care about, they still take some losses.
Large companies always fight against laws regulating them that didn't exist before; but once they exist they always fight for extending them so that new competitors can't arise.
"Democracy doesn't effect much" is not the same as "it does nothing at all".
