Enron's Lay and Skilling guilty

So much for the culture of corruption...

BBC - Former Enron bosses Ken Lay and Jeffrey Skilling have both been found guilty on fraud and conspiracy charges.

The two presided over the spectacular collapse of the energy giant in 2001 and are also accused of lying to investors about its financial problems.

The two men had denied 38 counts of fraud, conspiracy and insider trading relating to Enron's collapse.

The firm started out as an energy trader, and by 2001 had expanded into the US's seventh largest company.

But in October that year it had to announce huge losses - and filed for bankruptcy in December, after allegations began to emerge of widespread accounting irregularities including the use of off-the-books offshore firms to hide losses.

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