Jesse Jackson Jr.

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Saying that "I've never been more clear in my life" about what he was doing, a tearful Jesse Jackson Jr. on Wednesday pleaded guilty to using about $750,000 in campaign funds collected for his congressional races to buy himself presents that included a Rolex watch worth more than $43,000.

The former congressman, a Democrat from Chicago, appeared in a Washington, D.C., courtroom. When he's sentenced in June, he could get a prison term of nearly five years.