After sitting through hours of jury selection, Conrad Black ended the first day of his fraud and racketeering trial Wednesday telling reporters, "Everything is great."

The former newspaper magnate then got into a white Cadillac Escalade SUV with his wife, Barbara Amiel Black, and his daughter Alana Black, and was driven away.

Over the course of jury selection at the federal court trial in Chicago, the judge asked 48 prospective jurors whether they can be impartial in a case involving someone who has amassed great wealth.

"I can tell you there's nothing wrong with making a lot of money -- can you be impartial?" Judge Amy St. Eve of the U.S. District Court asked them.

At the end, 36 agreed they could; while some were stricken for cause, and some at the request of lawyers.

In the end, 12 will be chosen to decide Black's fate.

Most of the potential jurors also said they had heard about the Black case but only in passing. One said she didn't know much about Canada either.

Asked by the judge what she knew about Canadians, the potential juror responded: "Not much. Socialist country ... I know that much about Canada -- they have (medical care) for everybody."

One recalled reading an article that described Black's journalist wife as beautiful and smart -- a remark that brought a smile to Black's face.

Jury selection is expected to be completed by Thursday, with opening arguments set for Monday.

The Canadian-born Black is on trial on charges of fraud, racketeering, tax violations, obstruction of justice, and money laundering.

The former media mogul broke with his pattern of eagerly facing the cameras and instead arrived quietly at the courthouse, accompanied by his wife and his daughter.

A throng of almost 450 members of the media from around the world had camped out at another entrance ahead of Black's arrival.

Black, 62, could face a 101-year prison sentence and more than US$50 million in fines if convicted. He has vehemently proclaimed his innocence and said he looks forward to his day in court.

Three former associates of Black at Chicago-based Hollinger International Inc. and its Canadian holding companies face fewer counts.

Jurors chosen for the trial will have to sit through at least three months of testimony, some of it perhaps involving celebrity witnesses but much of it involving lengthy, complicated testimony on accounting.

Lawyers on both sides have already weeded out some jurors through pre-trial questionnaires, but 12 of Black's "peers" still need to be chosen.

Picking jurors

"Finding a jury of Black's peers is not about finding 12 lords who are multi-millionaires," jury and trial expert Paul Lisnek told CTV. "It's about finding 12 people who are simply in the community who will give a fair listen to the evidence and be able to render a verdict."

Black's lawyer Eddie Genson told CTV News in an exclusive interview that he thinks it may be difficult to select jurors.

"The climate for political people, the climate for corporate people stinks," he said. "And as a result of that, he's going to have a very difficult time getting a trial of his peers."

Lisnek notes though that many in Chicago aren't even familiar with the Canadian-born Black.

"What's important to note that while in Canada this is a huge trial ... in Chicago, this is barely ticking a pulse yet."

When the trial begins, the defence is expected to argue that Black relied on the advice of others in his business dealings and had no criminal intent.

Black himself has been writing columns and giving interviews with his assertions that he is an innocent businessman who was betrayed by friends, misled by advisers and unfairly targeted by an overzealous U.S. prosecutor.

Genson told CTV News that the real focus of the trial will be David Radler, who he described as a "Judas" figure.

Radler is Black's former associate, former president and chief operating officer of the Hollinger group and former publisher of the Chicago Sun-Times. He pleaded guilty to mail fraud and is expected to testify against Black, in exchange for a reduced sentence.

"David Radler cut a deal and the deal basically is going to wind up giving him six months in jail," said Genson.

In 2005, Radler was given a 29-month sentence and fined US$250,000, in exchange for his co-operation with prosecutors.

"David Radler's hundreds of millions of dollars in newspapers that he's in charge of, either through himself or through his daughter, are still collecting money. He's cut a deal where maybe he'll serve six months in jail in exchange for that he has to say Conrad knew about (the allegedly illegal activities)."

Genson and Black's Toronto-based lawyer Eddie Greenspan agree that Black's lifestyle should be left out of the trial.

"The life that (the prosecution lawyers) want to present to the jury through the way (Black) spends his money, the way he enjoys himself in order to say to that jury, 'We hate the guy,' I think it's going to backfire," Greenspan told CTV News.

"I don't think any of that matters in a fraud trial."

With a report from CTV's Lisa LaFlamme and files from The Canadian Press