Rezko Found Guilty of Hope, Change and 16 Federal Counts

This is just breaking: Barack Obama's good pal and benefactor Tony Rezko has been found guilty on 16 federal counts.

Tony Rezko — the high-flying developer and fast-food magnate who was once a major campaign fund-raiser for Gov. Blagojevich and Democratic presidential hopeful Barack Obama and one of the governor’s closest advisers — is now a convicted felon.

A federal jury in Chicago convicted Rezko this afternoon on 16 of 24 charges he faced in a political corruption trial that cast a harsh light on the Blagojevich administration.

The verdict, reached after deliberations that spanned 12 days, could give federal authorities new ammunition in their probe of the governor’s campaign and his administration. They already have subpoenaed Blagojevich’s campaign fund, scrutinized his donors, looked into his wife’s real estate dealings and questioned potential witnesses about whether they were promised anything in return for campaign contributions, sources told the Sun-Times.

Now, facing the prospect of prison time in the corruption case, as well as two additional criminal trials on unrelated charges, Rezko is under pressure to cooperate with the continuing investigations.

Update: Thanks to Ace for the link.

Michelle Malkin's been liveblogging it.

Thanks also to Glenn Reynolds for the link.