(Image source: Mirror)

BY ALLEX CONLEY

The News of the World hacking scandal closed a paper, forced Parliamentary hearings and its not over yet. The Telegraph has Lord Justice Leveson’s opening speech.

“Neither is it good enough if it does not take account of legitimate public concern. Not only about phone hacking but also other unethical behaviour not justified by what is truly in the public interest.”

“I have absolutely no wish to stifle freedom of speech and expression.”

Former Sun Editor Kelvin MacKenzie says the inquiry could result in statutory regulation of print media, even though he thinks it shouldn’t.

“There are plenty of laws to cover what went on, after all 16 people have already been arrested. And my bet is that the numbers may well go up to 30 once the police officers start being rounded up on the corruption allegations.”

“There are plenty of laws here and Lord Leveson knows every single one of them, we don’t need another one.”

BBC Trust Chairman Lord Patten argues for continued self regulation of the press.

“Statutory regulation would, he said, ‘threaten democracy’. One solution to the current crisis of confidence in the media, he suggested, would be a form of Hippocratic Oath – ‘a watermark to distinguish proper, ethical journalism from the mass of intrusive and unregulated material.’”

But The Telegraph reports to the contrary. Lawyer Robert Jay says politicians have new leverage.

“Arguably, politicians have been wary of changing the rules on press regulation because of ‘fear that by doing so the Press would withdraw support or subject them to close personal scrutiny,’ … Mr Jay also said that the inquiry may rewrite rules on press regulation to prohibit behaviour that currently breaks no rules.”

The Daily News noted a YouGov poll showed the public lacks faith in newspapers. Just 38 percent of Britons believe what they read and 58 say their faith is “reduced."

And expect the tabloids to show up -- and not only as defendants. Famous faces and alleged hacking victims Sienna Miller, Hugh Grant and JK Rowling will all testify before the court.