When Megan McArdle wanted to downplay the news of audio tapes that proved the banks were successfully avoiding regulators, she wrote a post saying bank regulators are naturally going to become corrupt and favor banks.
When McArdle wanted to downplay the legal consequences of Wall Street's crimes, she wrote a post saying that Wall Street really wasn't all that corrupt because regulators successfully controlled illegal behavior.
McArdle gets paid a lot of money to be dishonest. She parlayed her media appearances into a book contract and speaking gigs. She is a fellow here and an honored guest there. Propaganda pays well.