Oborne is right that HSBC's behaviour in helping clients avoid tax was shameful (if not illegal) but he's wrong that the Telegraph's response was just as shameful or immoral. If you're a cynic like me, you might view it as not terribly unusual. And you might wonder how interested the newspaper's readers will be once the story has died down.
It is a scandal on top of a scandal, which more than bringing our democracy into disrepute exposes it as a sham, with the conflict of interest that lies at its heart a festering sore that has gone untreated for far too long. We have in Britain a government of the rich, by the rich, and for the rich, the consequences of which are tangible.
This is a perfect storm scenario. Countries such as the UK, with a history of dominance and empire and educational excellence, need to look beyond the obvious. The world is going to be a very different place in just a couple of decades. Economic and cultural hegemony is not a birthright and can easily shift to the east throughout this century.