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The big thing about the end of the film is... Peter's character (the Editor) was RIGHT and no one wanted to admit it (that they'd been played)... But then you see him come in the next day and they've prepared a company wide retraction with all of their names on it.
It was the only professional thing they could do and hope it didn't destroy the paper's reputation.
Also, Steven Glass had a lot of self-esteem issues and this is obviously why he faked his stories -- for the attention -- Because he was/is a brilliant person (He has a law degree now, but no state will grant him a license to practice out of fear of lieing when in court), but just has the handicap of being a compulsive liar.
Ironically, there was also a recent NY Times reporter who faked his stories as well... Yet these big "institutions" just keep on rolling. I think that is a testament to "The Fourth Estate" (the press) and how much we need it, regardless of when they stumble, because without it, we're no better than a Third World country or George Orwell's 1984 where lies can become the truth and no one questions it even as people are dying.
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