Most comprehensive coverage of this is over at Mike Holligan’s. But in brief:

FBI agents ran a two-year sting operation (dubbed the Tennessee Waltz) in Tennessee and today made seven arrests:

According to the indictments, the suspects were accused of violating the Hobbs Act, which is a type of extortion, and of taking bribes to use their offices to help a company do business in Tennessee.

According to the FBI, the lawmakers accepted bribes from a fictitious undercover electronics company to sponsor legislation that would have helped the company make money.

The legislators sponsored or supported house bill 37, which would have allowed the fake company to purchase surplus computer equipment from the state. Newton withdrew the bill on Wednesday because “something didn’t smell right.”

The undercover company was called E-Cycle Management, Inc., which was in the business of “obtaining and disposing of outdated electronic equipment” and sending out of the U.S. for salvage.

The perp-roll:

• Sen. Ward Crutchfield (D-Chattanooga)
  Accused of accepting $12,000
• Sen. John Ford (D-Memphis)
  Accused of accepting $55,000
  Charged with 3 counts of witness intimidation
• Sen. Kathryn Bowers (D-Memphis)
  Accused of accepting $11,500
• Rep. Chris Newton (R-Cleveland)
  Accused of accepting $4,500
• Roscoe Dixon (Former Democrat Senator from Memphis, now working for the Shelby County mayor’s office
  Accused of accepting $9,500
• Charles Love, from Chattanooga, a registered lobbyist and member of the Hamilton County School Board
  

  According to the Associated Press, Love is a lobbyist who said last week that he lobbied legislators on behalf E-Cycle Management even though records show he was not registered to work for that firm.

• Barry Myers (Memphis) for acts taken in concert with Dixon. According to Mike at Half-Bakered:
  

  Barry Myers, arrested in this sting, needs clarification. He is not currently an office holder, but rather is supposedly preparing a run for the House seat given up by Kathryn Bowers (now indicted). Myers is also a “protege” of Dixon (now indicted).

  And from the indictment:
  

  It was part of the compiracy that the defendent Barry Myers, would represent to certain individuals, including an individual associated with E-Cycle, that he had influence over, collected money for, and was in essence a “bag man” for certain members of the Tennessee General Assembly who could be influenced in sponsoring and voting for certain legislation that would benefit E-Cycle.

Bill Hobbs has been all over this story this morning and makes an interesting post (made before the FBI press conference) from the subscription-only NashvillePost.com:

Sources tell NashvillePost.com that FBI agents on the Hill say they are definitely not finished and that up to 11 lawmakers may eventually be arrested

The rumor of arrests to come should be viewed with skepticism at this point, but we can always hope.