Jesse Jackson Jr. pleads guilty

Former Rep. Jesse Jackson Jr, D-Ill., officially pleaded guilty to misusing about $750,000 in  campaign funds on Wednesday, as part of a plea agreement with prosecutors that could result in up to five years in prison time.

"Guilty, your honor. I misled the American people," Jackson said, Reuters reports.

Jackson was charged with using his campaign funds to redecorate his home in Washington, and to buy, among other things, a Rolex.