History will judge Conrad Black and I am sure that the judgment will be that he made extraordinary and selfless contributions to society. His influence and efforts are apparent on every street corner (his former papers) in Canadian arts by virtue of the many of the musicians and artists that helped along the way, his scholarship through the books he has written (the list goes on). I have no doubt that history will be kind to Mr. Black but I fear that the American justice system will revel in destroying a great man simply because it can.

M Thiele, Ottawa, ON

America thesedays is known for being over-zealous and traditionally their injustices are quite sickening. Conrad Black faces a long prison sentence mainly (a) he padded expenses (gosh, who would have thought!), (b) a blue collar jury wants to get even with a while collar millionnaire, who is being unthinkingly tarred with an Enron brush, (c) a prosecutor wants a scalp for career enhancement (d) Black had a more forceful and persuasive personality than his board, who get away Scot-free in spite of their three-wise-monkeys neglect (and probable conceal;ed personal benefits)

Robin Alka, London, UK

Lord Boss-Hogg's curiously qualified encomium notwithstanding, I would say that dear old Lord Black had quite the eye for the cash flow, given the fact that some 95% of Hollinger's profits over the period in question are, cough, alleged to have flowed straight into his bespoke pockets. Minus the appropriate tribute paid to his enablers, of course. Allegedly.

David Vawter, Keego Harbor, Michigan USA

Lets not forget Conrad Black's creation of wealth for his shareholders through turning around the Telegraph's fortunes and his astute purchase and sale of the Southam Group. It is his accusers who have destroyed shareholder value. This whole trial should be about "shareholder value". Like Lord William Rees-Mogg, I wish him well.

Ivan X. de Souza, Toronto, Canada

It is an indication of American paranoia about money when a person may be sentenced to the rest of his life in jail for financial malfeasance.
Even the minimum sentence involved in the Corad Black trial is outrageous.

Ralph Connell, Brampton, Canada

I only hope the jury in Chicago grasps that non-compete fees were not theft and that corporate hospitality in London and New York is not a crime. The prosecutors' case didn't survive its opening argument before they reduced the so called "theft" to $60 million from $80 million. A friend of mine used to say the cavalry lends class to what would otherwise be a vulgar affair. Thanks to William Rees-Mogg for riding to Lord Black's defence.

John Crabb, Ottawa, Canada

"The extravagance of Conrad’s imagination made him creative, but he did not have the careful eye for the cash flow that is the rule for serious businessmen."......... a failing in the system then which allowed the cash to flow to them. It has everso been the case for those sectors which don't actually produce anything but merely push paper money and third party ideas around the system.

I wonder if they are starting to realise that they run the risk of being considered largely irrelevant given the ease with which Ideas can be transmitted over the Internet with direct reference/contact between Principals rather than through Old Boy Network introductions?

amanfromMars, Seventh Heaven , Global Communications HQ

I see we are already geting trial by media from the comments here.

Let me remind everyone, HE IS INNOCENT UNTIL PROVEN GUILTY. NONE OF YOU HAVE HEARD ANY EVIDENCE YET.

Edwin Thornber, Bucharest, Romania

one could make similar excuses for Robert Maxwell, while he was raiding his employees pension funds.

Surely a crook is a crook, whether he wears a suit or whether he wears a shell suit.

Akram, London,

I am astonished that Rees Mogg has spoken out for this man. Rees Mogg is clearly an impressionable man. The allegation is that of theft of company money which Black did not own. Clearly Rees Mogg became fazed by Black's rich parties and lavish entertainment. It says a lot about Rees Mogg himself.

Dr Izhar Khan, Aberdeen,

The hypocrisy here is that the same people that are standing by Conrad Black are the first to condemn theft by the poor and destitute that have greater needs and whose indiscretions are not driven by greed but by neccessity. Theft by an entreprenenur is the same as theft by anyone else and if a friend of mine who had more than enough money already chose to stole he wouldn't be my friend for long.

Stephen Thornton, London,

No doubt WRM would have also supported Robert Maxwell.

There's nothing wrong with standing by those you consider your friends in their hour of need. However it is only the gullable that continue to maintain their friends innocence when the evidence is as damming and the actions are as cavalier as those against Conrad Black.

Marc Levine, London, UK

Your comments are well received by many loyalists/realists for sure, including me. I had the priveledge of speaking with Mr. Conrad Black many years before the current issues. I was confirming a reference given by the late Reverent Jim Talentino and to my surprise enjoyed about a half hour intercontinental telephone call, during which time I sensed the humanity of a powerful entreprenuer/father/husband. They say it takes money, or the spending of, to make money, and the empire built by Mr. Black has been the envy of all. This empire equated to the creation of ten's of thousands of jobs, and the purported comparative lavish spending to a point is a part of maintaining the necessary profile for such a leader to move to even greater business leadership. If we compared the sums spoken of in the lawsuit, compared to the profits made for shareholders over time, we are likely talking of a fraction of 1%. Good grief I say, so what! Good luck Conrad.

Ken Brown, Victoria, Canada

Argument paragraph 2: those who benefited from Conrad's hospitiality guilty of betrayal in criticising him now.

Argument paragraphs 5-6: ridiculous to regard this hospitality as in fact Conrad's: simply normal business practice.

Is Lord Rees-Mogg not trying to drink his champagne and have it?

Peter , Edinburgh,

We send people to prison for committing criminal acts,
not for taking risks.

A.Brady, Andover, UK

People are not sent to prison for taking risks. They are
imprisoned for committing criminal acts. The law applies
to everyone, big or small.

A.Brady, Andover, UK

"In practical terms, Conrad was the competitive entrepreneur, and Hollinger without him was a mere holding company. No doubt the point will be argued in court."

I'm afraid William Rees-Mogg betrays his 'entrepreneur' argument here. A company - even a holding company - is a separate legal entity from anyone else, however important to that company that person may be. Had Conrad Black wanted unfettered control and benefit he could have operated as a sole trader. Why didn't he? The main reason people operate through companies is not because they love risk, but because they are avoiding it. Limited liability is a device to avoid responsibility. It's price is losing a degree of control. Taking risks with other people's money is not entrepreneurialism, it is recklessness.

Robert, London,

Conrad is an entrepreneur I greatly emulate.....and the writers is truely a friend indeed to stay by Mr. Black in the perilous times.

Lateef , Mississauga, Canada

I feel you are right about the Great Gatsby angle. Presumably Black appreciated the likely impermanence of his progress and that there was bound to be a downside, because old entrepreneurs, unlike old soldiers, don’t fade away. I am not sure that we necessarily do need such people, though doubtless they help the party scene while they last. I think they confuse the issue and give the wrong impression. Doubtless this helps some political and commercial manipulators, but I am sure they don’t, as you suggest, do anything of lasting value for the economy.

Henry Percy, London, UK

I think it is to William Rees-Mogg's great credit that he elects to stand by a friend in trouble. However, I would much rather read a column about the importance of separating the (at this point, alledged) sin from the sinner, and about abhorring the former whilst loving the latter, than a recital of his perceived good points. Society does need entrepreneurs and journalism needs proprietors who are big enough to appoint editors they may not always agree with. This does not give them carte blanche to break the rules nor to avoid charges that they may have done so.

Mark Foscoe, Silsoe, UK

Anyone who holds a salaried job hasn't a clue about what it takes to be an entrepreneur. And that especially includes politicians and the tax man. The price of failure is enormous. There is no consideration for creating jobs and exports that contribute to the balance of payments. At 59, I have no assets, no pension, etc., after my high-tech company crashed and burned. But I would do it all again and, indeed, have some new business ideas bubbling. I admire Conrad Black.

David Shaw, ottawa, Canada

For thirty five years I have read William Rees-Mogg's excellent and beautifully written columns. Early in that period I learned that he is infallibly wrong, that when he forecasts a future outcome it always turns out the other way and that his stately espousal of support for a position is a red warning sign to get out of it immediately. For Lord Black the comments must come as the hammer of doom: his conviction is now certain.

John Blacksmith, London,

If the allegations against Black are true, then it is an error to describe him as an entrepreneur. Entrepreneurs create jobs; those who spend company money as if it is their own destroy jobs. Therefore, those who spend company money as if it is their own cannot be entrepreneurs.

Ian Kemmish, Biggleswade, UK

I admire Conrad Black. He is a captain of Industry who create and drive great societies. Now a confederacy of dunces are chewing at his heels.
I met and talked to him at LA airport in the 90's prior to
the election which John Howard of Australia won. I asked him if he was about to change the government in Australia.
He said" What makes you think I have that sort of influence".
Next day, an editorial appeared in his paper, the Sydney Morning Herald, promoting John Howard.

Gene, Sydney,

I don't know very much about Conrad Black other than that he is being portrayed in the media as a 21st century Robert Maxwell. What I do recognise is that The Daily Telegraph was a better paper under his proprietorship than it is today. What a shame the sums didn't add up too.

Adrian Gilbert, Tonbridge, England

"One should stand by one’s friends when they are in trouble."
Agreed. Even more important is to choose one's friends carefully.
or would you still be friends withe a thug or felon?

bill, bristol, uk

The article says "non-complete fees". This should be "non-compete".

And since when did "Rees-Mogg" become "Rees-Moggon"?

Scott Campbell, Nottingham, UK

Cherchez la femme.
I don't know much about Conrad Black. I agree we should be loyal to one's friends. The Great Gatsby is probably the best American novel I have ever read. Very well written. The suggestion of the literary allusion is that in looking for the reason for Conrad Black's downfall one has to look for a woman.

Paul Gidvani, Naples, Italy

Your friendship with Conrad Black appears to have clouded your judgement. The charges against him are grave. American Law treats Corporate malfesance very seriously , in stark contrast to the somewhat lapse attitude in Britain. Lord Black displayed a contempt for ordinary people throughout his life and profiles of him reveal a man who believed that rules and laws did not apply to him.
His wife once proclaimed that her extravagance knew no limits. Most of us do not live beyond our means or feel a desire to burden ourselves with unnecessary debt.

Anthony Gerard, London, England

Viz. Gatsby, Hemingway said the great american story was Huck Finn, a novel filled with people of dubious origin who wish to pretend they are better then they are. Especially galling to Twain was the Southern Aristocrats whom he knew too well and were often little more then brutal thugs and slavers.
There is in the unconscious mind of America the realization that we are descendants not of the worlds aristocracy but of it's cast offs. Evidence of this is the parsimony with which we deal with our poor and the infernal eagerness we have to punish, especially those who had shown some evidence of decency in the past.
As to the future we need three things to survive, knowledge, speed and mercy. Napoleon had two of those and thus was doomed - for mercy is the greatest attribute and thus the most difficult and rarest.

glenn Schaefer, holbrook, Ny USA

Thank you Rees; a balanced argument based on the appropriateness of friendship and loyalty without losing site of Conrad’s fragilities.

John Galt, Sydney, Australia

Innocent until proven guilty.

However the point about the non-compete fees is a poor one. The money was paid to Hollinger. It was up to the shareholders to decide the level of directors' remuneration. If directors could siphon off money to themselves in secret whenever they felt like it the enterprise economy would collapse.

Marek, London,

It is good to hear, Lord Rees-Mogg, that there are people such as yourself, who are not swayed by public circus. So often one hears that one's friends (or who were thought to be friends) denigrate one to a third party.

I do not know Lord Black, but have been an avid Telegraph reader for a number of years. It is a shame to read some of the comment originating from that paper regarding its former proprietor who seemed to serve it so well.

Being dragged over the coals of public scorn must be a tremendous strain on Lord Black. I join you in wishing him well.

Edwin Thornber, Bucharest, Romania

With friends like you, who needs enemies?

colin haskell, sydney, australia

I agree that true friendship must never be diluted- which unfortunately happens so often. This generation is so keen to dump friends in trouble that one is left to wonder if humanity has itself not been dehumanised. Sticking to friends in trouble is becoming a rare commodity. too bad.

Anil K gayan, Curepipe, Mauritius

I too admire Conrad Black. His ilk is hard to find in Canada and I am troubled by the incredible pressure which he has endured over the past several years. However there is light at the end of the tunnel and if there is any justice in those politically motivated US courtrooms, Conrad will be vindicated and will go on to even greater achievements. If loyalty, intelligence, gumption, humour, entrepreneurship and panache are still virtues, Conrad's is a legacy which we all can learn with enduring profit.

Roger Lamont, Toronto, Canada