Who registers the registrars?

Bob Parsons, CEO of GoDaddy.com, is blasting "the .eu landrush fiasco":

Because of the way the EURid registry allowed the landrush process to be gamed, the Europeans will have to pay ultra high premium prices for many of the names they should have had fair access to during the landrush period.  This assumes that they’ll be able to get those names to begin with.

Parsons details his claim:

The landrush process, which began April 7, is a very straightforward matter.  Here's how it works:  All the accredited registrars line up and each registrar gets to make one request for a .EU domain name.  If the name is available, the registrar gets the name for its customer.  If the name is not available, the registrar gets nothing.  Either way, after making the request, the registrar goes to the back of the line and won't get to make another request, until all the registrars in the line in front of it make their requests.  ...  There was a flaw in the process.  It was too easy to create a registrar.  A few sly companies, the most notorious being a company I’ll call company “X” – which is believed to be backed by North American mega-millionaires — saw a loophole in the process.  These companies, instead of only registering their real active registrars, created hundreds of new "phantom" registrars.  Two weeks before the landrush period began there were 800 — many real, many not — accredited .EU registrars.  Then just before the landrush period began, Voila!  Hundreds more registrars appeared.

In the picture Parsons paints, EURid could care less:

Early on, we saw this whole scam coming.  We tried to warn the EURid registry that their landrush process was problematic and that there was a large potential for abuse.  These warnings fell on deaf ears.  There have since been complaints filed by dozens of other legitimate registrars about this process.  These complaints have been so numerous that the EURid registry has stopped responding to them.  They seem to have simply hunkered down for the storm.

It's possible that a great investigatory paper is waiting to be written on the relationship between "Company X" and EURid:  just ask "Cui bono?", a la Rothbard, and follow the money.