I'd go with your "Old wisdom". But add that 95% of the 5% (conspiracy) only happens after the fuck-up - to downplay, cover up, blame shift, distract, etc.
Of course, it depends on one's definition of conspiracy. I'd consider your defn. as concealment. In practice, there are very few real instances of conspiracy in relative terms as it requires deliberate organization and forethought between multiple machinators/plotters from the outset - and such organization, in practice, is often difficult to achieve with success (that is, the planning and implementation thereof, not necessarily its outcome).
Concealment is much more common as it's a secondary process in reaction to an unfortunate or surreptitious event that's past. In phil. they're defined differently. Here's some instances:
