Doing the Telegraph wrap

The Telegraph - in the vanguard of radical revenue ideas - came up with this today. Advertising wraparounds used to be just about tolerated in free newspapers. Now our premier national broadsheet carries a wraparound for HSBC on heavy translucent paper. Astonishing. The HSBC competition, the subject of the wraparound, is also endorsed by editorial. A brave step forward in editorial commercial co-operation or a fudging of integrity? Thoughts?