I can understand why the fresh out of Uni grads failed horribly; but it really depends on what you're looking at hiring those grads into. I've spent just over a year in a "grad scheme" (they called it that, but they'd never hired grads before and it wasn't really a scheme). But the point was that they were willing to hire people that still needed rounding off at the edges and training in the right domain, like you were after C/C++. With the right level of mostly hands off training, a decent bit of pairing and solid project experience the 2 grads they hired are paying off massively.
My C/C++ is pretty rusty simply because I've not had to do a load of work in it. That doesn't mean that I can't work with them, we did some fairly beefy stuff in C++ during the degree, it's just with the other 2 year's of non C++ oriented dev it falls by the wayside. Obviously if i was going for a properly advertised role I'd beef up my knowledge on pointers again, they're always a bit of a pain just because of the sheer experience factor. The EE grads often have the C/C++ experience but won't have ventured further in their degrees.