Remodel

Remodel:
v. 1) to renovate an existing office, commercial building, or residence for the purpose of updating capabilities, enhancing occupant safety and comfort, or just to make it cooler than the ice on a polar bear's nuts.

As in:
The $6,000 shower curtain, and $30,000 toilet were only a tiny parts of the project to remodel the CEO's multi-million dollar Manhattan condo, paid for, of course, by the company as an executive perk.

or as in:
The Member of Parliament (MP) brushed off questions from reporters regarding the more than 20,000 Pounds (happily provided by British taxpayers) spent to remodel his apartment.


v. 2) to adjust a regulation or public policy to bring greater benefit to those doing the "remodeling"

As in:

Beginning in the 1980s and continuing through two Bush administrations, government officials remodeled regulatory agencies to allow billions of taxpayer and investor dollars to be siphoned off by financial and corporate executives without any oversight or control.