Sen. Ted Stevens of Alaska, the only other state that values secession as much as Texas, was convicted on all seven charges of making false statements on Senate financial documents about gifts he received from contractor Bill Allen, oil services company VECO Corp, and others.

Stevens, 84, was convicted on all seven counts of lying on Senate disclosure forms by failing to report more than $250,000 in home renovations and other gifts from an oil executive.

Stevens vowed to return to Alaska on Wednesday and resume campaigning for re-election against his Democratic challenger, Anchorage Mayor Mark Begich. “I will fight this unjust verdict with every ounce of energy I have,” he said in a blistering statement issued after the verdict.

Ted Stevens is the longest-serving Republican in the Senate and is also known for sporting an Incredible Hulk tie during political battles on the Senate floor. This time, this is one political battle he couldn’t win.

With seven days left till the election, Stevens is trailing behind his Democratic opponent, Anchorage Mayor Mark Begich. According to a blog post on TPMElection Central, Stevens’ dropped like a lead balloon, 20 points, after the announcement of his indictment. It is begin report this is a might just guarantee a Democratic pickup, bringing them one step closer to winning 60 seats in the Senate.

But don’t tell him that, he has no plans to step down from the Senate or the election, even though he is a convicted felon and now faces up to five years in prison on each of the seven charges. Sentencing is set to take place Jan. 26, way after the election.

Even though sentencing guidelines will lenient on him, odds are, he will probably receive that infamous presidential pardon, clearing him on any wrong doing, right before President Bush leaves office.

It seems, Alaska Gov and Republican vice presidential candidate, Sarah Palin, was quick to throw him under the bus. She called the verdict a blow against corruption in Alaska.

“The verdict shines a light on the corrupting influence of the big oil-service company that was allowed to control too much of our state. That control was part of the culture of corruption I was elected to fight. And that fight must always move forward regardless of party or seniority or even past service,” Palin said in a statement.

I am pretty sure she is grateful for all the help Stevens gave her as she was starting out in politics, just not now.

Stevens was accused of failing to report more than $250,000 of “gifts and benefits” from various friends and “favor-seekers,” The last time a Congressional member was also caught for receiving gifts from various friends and favor-seekers was Rep. Randy “Duke” Cunningham. He is now spending time in prison, maybe the two can be cellmates. Other potential GOP cellmates, there is Tom Noe, Bush Pioneer fundraiser and Jack Abramoff and list goes on.

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