The conviction of Conrad Black on counts of fraud and obstruction of justice yesterday was a just verdict in a complex case. The former press baron who treated shareholders' money as his own and appointed a showpiece board that did not challenge him until too late failed to bluster his way out of trouble.

Although Lord Black was acquitted of some charges, including the most serious one of racketeering, the jury sent a clear message. It cannot be accused of throwing the book at Lord Black and his fellow defendants because its members harboured a populist prejudice against corporate fat-cats. They deliberated for 11 days before returning a finely-judged verdict.