Talking Points Memo:

Alaska Sen. Ted Stevens has been convicted of lying about free home renovations and other gifts he received from a wealthy oil contractor.

The Senate’s longest-serving Republican, Stevens was found guilty on all seven counts of making false statements on Senate financial documents.

The verdict throws the upcoming election into disarray. Stevens is fighting off a challenge from Democrat Mark Begich and must now either drop out or continue campaigning as a convicted felon.

The trial hinged on the testimony of Stevens’ longtime friend, who testified that his employees dramatically remodeled the senator’s home.

Stevens faces up to five years in prison on each count but, under federal sentencing guidelines, will likely receive much less prison time, if any.

It couldn’t happen to a nicer guy…

Stevens name is on the Alaska ballot for good, though I doubt he would step down. Stevens will not lose his spot in the Senate for the remainder of his term unless the Senate reconvenes to vote him out of office. He can still be reelected (!!!), but would likely face a vote in the Senate to oust him.

I’d say convicted felon Ted Stevens is in real trouble in the closing days of the election. Hopefully the conviction will propel Anchorage Mayor Mark Begich into the Senate with ease.

(Disclosure: I was Mark Begich’s Online Communications Director until mid-September.)