If you don't trust your staff to do the mundane day-to-day chores of running a site, then they shouldn't be on your staff.
Moderators help take the work load off the Administrators. An Admin's job is to ensure the site is running as efficiently as possible. The Moderators assist in the smooth running of the site. Step in when needed to diffuse situations, delete spam, move posts, and point out to the Admin's when something isn't quite working they way they should.
Selecting someone to be a moderator is something that should be considered very carefully. Keep in mind, these individuals represent your site. If you don't trust them, they shouldn't be on your staff.
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