The convictions of Kenneth Lay and Jeffrey Skilling represent by far the biggest wins in the US government’s five-year effort to crack down on white collar crime and protect investors from fraud.

But beyond the Enron verdict, government and internal corporate clean-up efforts have yielded decidedly mixed results. In many ways, the corporate landscape has changed beyond recognition in the five years since Enron collapsed into bankruptcy. But in other ways, things are much as they were. And in some cases, corporate observers say, they may be worse.