Be sure to watch The Late Late Show with Craig Ferguson tonight from the very beginning. Ferguson will come out at the top of the show and offer his own take on the troubles of his boss, David Letterman, whose Worldwide Pants company produces Ferguson’s show.

Ferguson will say, among other things, “He is my boss. And my job is to take the number-one news story of the day and have a bit of fun with it… Imagine: The person you work for, the person you admire and respect, is caught in an embarrassing situation. And your job is to be funny about that, whilst trying to keep your own job.”

The Scottish-American goes on: “If we are now holding late night talk show hosts to the same moral accountability as we hold politicians or clergyman — I’m out. I’m gone. Because I don’t think I have kept it a secret from you that I have a few incidences in my own past.” (Ferguson’s bouts with drugs and alcohol are amply documented in his new book, American On Purpose.)

Then Ferguson gets to the heart of it: “I feel very bad about this because… I quite like my entertainers to be dangerous. I like my musicians to be kind of drug-fueled. If you want entertainers to be squeaky clean then who are you going to be watching? The Jonas Bros. Exactly.”

There’s more where that came from, later tonight. Will you tune in?