Think of the opprobrium heaped by the press on the regulators who slept while the banks overheated and crashed. And then read the report of the industry's own "regulator" into the recent developments concerning phone-hacking by private detectives on behalf of newspapers and resist the instinct to laugh. After the most cursory of inquiries, the Press Complaints Commission has produced a complacent report which will give ammunition to every sceptic who has ever accused the body of being a toothless watchdog.
The PCC's "inquiry" resulted from this paper's story in July reporting that News Group newspapers had reached a confidential million pound settlement with three victims of illegal phone hacking by a private investigator working for the News of the World called Glenn Mulcaire. The victims included Gordon Taylor, chief executive of the Professional Footballers' Association. That story was true. Its significance was that the documents in the Taylor case included a NoW contract promising Mulcaire a £7,000 bonus for the Taylor story – implying some sort of offici