The Trust's editorial standards committee ruled that Mr Paxman was not deliberately offensive and said it did not believe the Newsnight item was biased.
The BBC Trust's Editorial Standards Committee reviewed the remarks following an appeal from a member of the public, who had complained they were "offensive, prejudicial and unacceptable".
Alison Hastings, chair of the trust's editorial standards committee, said the BBC's investigative journalism was "rightly held in very high regard" adding, "for more than 50 years Panorama has made a very significant contribution to that".
The editorial standards committee also ruled that by not making the cut off point clear, it did not "treat those who engaged with the programme fairly" because listeners might be misled by being encouraged to contact the show.
The Wall Street Journal's editorial board and the Democratic National Committee have criticized McCain for planning to attend the Reed fundraiser in Atlanta, Georgia.
CNN: McCain questions Obama's ability to be commander in chief
The members of the Special Committee to oversee the editorial integrity of The Wall Street Journal and Dow Jones Newswires are Thomas Bray, Louis Boccardi, Jack Fuller, Nicholas Negroponte and Susan Phillips.
WSJ: 'What About the Journal?' A Report from the Special Committee
"The ostensible lack of drama throughout the week-long session may disappoint sensation seekers, " China Daily said in an editorial on Thursday before the new Standing Committee line-up was announced.
But our committee was created to help preserve the editorial integrity of Dow Jones and that is where we have focused our attention.
WSJ: 'What About the Journal?' A Report from the Special Committee
Under the terms of the deal, a five-member special committee will be established to assure the journalistic and editorial integrity and independence of Dow Jones' publications and services, including the WSJ.
Their ostensible compromise: to form an independent committee that appoints key positions at the paper in order to maintain its editorial integrity.
Well, the Western Mail has certainly put the cat among the pigeons (or 'rhoi'r gath ymysg y colomenod' as Google might translate it) this morning with its editorial which calls a proposal to have a full bilingual record of all Assembly proceedings - including committee hearings - "astounding".
It is important to repeat that the editorial omits the key point, that it was exactly in that period that the House Financial Services Committee, that I chair, passed and helped pass through the House a bill that embodied the reforms asked for by the Bush administration, and that was the basis for Secretary Paulson's and FHFA Director James Lockhart's recent actions.
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