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To mock David Letterman or not to mock David Letterman? That was Craig Ferguson‘s question last night during the opening monologue of The Late Late Show on CBS, following David’s uncomfortable return to the Late Show after his admission of office affairs and extortion last week.

David, 62, is the Scottish-born comedian’s boss since he owns Worldwide Pants the production company that makes The Late Late Show.

It may be Craig’s job to poke fun at the news (David’s revelations have generated a number of headlines since Oct. 1) but he asked the audience, Oct. 5, to ”put yourself in my position.”

”The person you work for, the person you admire and respect, is caught in an embarrassing situation,” said Craig, 46. ”And your job is to be funny about that, whilst trying to keep your own job.”

”So this is my last show,” he joked.

Ultimately Craig defended the talk show veteran calling him ”the king of late-night television.”

And the Scot — who detailed his struggle with alcoholism in his new memoir “American on Purpose” — added, ”If we are now holding late-night talk show hosts to the same moral accountability as we hold politicians or clergymen, I’m out. I’m gone.”

Meanwhile, Dave has a surprise champion – late night legend Dick Cavett.

”To me, it seems Dave Letterman’s handling of this is impeccable,” says Dick, 72. ”Brave, direct and — dare I say it? – manly. He has set a real example here of exactly how to behave when assaulted in such a sleazy operation.”

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