Jesse Jackson Jr.’s fall from political grace is now official. The former U.S. representative pleaded guilty to conspiracy charges involving the misuse of more than $750,000 in campaign cash. Jackson was accused of spending campaign funds on Michael Jackson memorabilia, fur capes, and a $43,350 Rolex watch, among other things. His wife also pleaded guilty this afternoon to filing false tax returns. Jackson spent 17 years in Congress, but he took a sudden and mysterious leave of absence this summer for what was later described as bipolar disorder.