Former U.S. House Majority Leader Tom DeLay-once one of the most powerful and feared Repuplicans in Congress-was convicted Wednesday on charges he illegally funneled corporate money to Texas candidates in 2002.  He is charged with money laundering and conspiracy and faces up to life in prison on the money laundering charges.

Prosecutors said DeLay, who once held the No.2 job in the house of Represenatives and whose heavy-handed style earned him the nickname "the Hammer," used his political action committee to illegally channel $190,000 in corporate donations into 2002 Texas leglislative races through a money swap.