Here’s the FBI press release about the arrests (PDF file). Innocent until proven guilty, etc., but the press release is pretty damning. Some of the more interesting bits:
As recently as December 4, in separate conversations with Advisor B and Fundraiser A, Blagojevich said that he was “elevating” Senate Candidate 5 on the list of candidates because, among other reasons, if Blagojevich ran for re-election, Senate Candidate 5 would “raise  money” for him. Blagojevich said that he might be able to cut a deal with Senate Candidate 5 that provided Blagojevich with something “tangible up front.”
Blagojevich told Deputy Governor A on November 3 that if he is not going to get anything of value for the open seat, then he will take it for himself: “if … they’re not going to offer anything of any value, then I might just take it.” (skipping) He added later that the seat “is a [expletive] valuable thing, you don’t just give it away for nothing.”
Throughout the intercepted conversations, Blagojevich also allegedly spent significant time weighing the option of appointing himself to the open Senate seat and expressed a variety of reasons for doing so, including: frustration at being “stuck” as governor, a belief that he will be able to obtain greater resources if he is indicted as a sitting Senator as opposed to a sitting governor, a desire to remake his image in consideration of a possible run for President in 2016, …
(bolding mine) Wow. I guess he knew he was going to be caught soon or something. Soo glad they did this before he chose someone for the seat.
There’s some more stuff in there about pay-to-play and getting editorial writers on the Chicago Tribune critical of him fired in exchange for a tax break. Hooray for the FBI and catching scum like this!