That's a conspiracy theory about whites, not "white heterosexual males". Most focus on "white heterosexual males" if anything is an anti-conspiracy theory, since what is posited is not coordination but rather more oblivious people who just don't realize that not everyone is in their position or has their viewpoints. For example, when people speak of "white male privilege" they don't mean there's a conspiracy theory to help white males, but rather that white males do have advantages in much of society and we often don't realize it. Similarly, when people talk about heteronormativity, they are generally talking about people taking for granted certain types of sex and gender roles as universal.

The appropriate analogy might be that there are people who think the Illuminati created the banking crisis. That's distinct from thinking that specific systemic problems and competence issues created the problem.