Can AP’s credibility be restored?

One of my favorite bloggers, Mark Tapscott, has moved his Copy Desk over to The Examiner, for whom he serves as editorial page editor. Mark’s first post at his new location is a superb one about the Associated Press’ “60 Minutes Moment.” Here’s Mark’s conclusion:

It’s time for AP to take the same sort of approach [CBS eventually took when it convened an investigation of Rathergate] to resolve the Captain Jamil Hussein controversy. But there is one big difference between the present issue and the Dan Rather/”60 Minutes” ordeal – AP provides news to virtually every daily newspaper in America. AP is a cornerstone of the mainstream media. If AP’s credibiilty is harmed, every news organization that uses its products also suffers.
Thus, AP should ask the American Society of Newspaper Editors to oversee the appointment and conduct of an independent panel of respected journalists and outside evidentiary experts to determine the truth behind Captain Jamil Hussein and all other sources similarly in doubt.
To allow this controversy to continue to fester without taking decisive actions to resolve it to everybody’s satisfaction could be disastrous for journalists everywhere.