Enron execs convicted on all counts

Ken Lay and Jeff Skilling, the two top executives of Enron, were found guilty on all counts in their conspiracy/bank fraud trial.

Political implications: Ken Lay, as Democrats were quick to point out when he was first indicted, was, through the course of his life, George W. Bush's single largest individual donor. That he has now been convicted will cut two ways:

Democrats will delight in using the episode as more proof positive that the GOP is wallowing in a "culture of corruption." "The President's single biggest donor just got convicted of massive fraud and conspiracy!" they will shout as loud as they can.

Republicans will counter with something along the lines of: "That the President's single biggest donor just got convicted in a prosecution brought by the Department of Justice proves what we have said all along -- that no man is above the law, and that nobody in this Administration allows political considerations to stand in the way of rendering justice where wrongdoing has occurred. Oh, and by the way, all the illegal activity for which Ken Lay and Jeff Skilling were convicted took place during the Clinton Administration."

It will be interesting to see which spin wins in the battle for public opinion.