The smartest guys in the room, Enron execs Ken Lay and Jeff Skilling, have been found guilty in the huge majority of the charges leveled against them by the federal government.
CEO Lay: Guilty on all 6 charges, including conspiracy, 2 counts of wire fraud and 3 counts of securities fraud.
Skilling: Guilty on conspiracy, 12 securities fraud counts, 5 false statement counts, and 1 count of insider trading. He was found not guilty on 9 insider trading counts.
Sentencing is set for September. Appeals are certain. You can expect a real headache for Lay and Skilling, until President Bush pardons them shortly before he vacates office in 2009.
