This is how I do it:
>>> import traceback
>>> try:
... int('k')
... except:
... var = traceback.format_exc()
...
>>> print var
Traceback (most recent call last):
File "<stdin>", line 2, in <module>
ValueError: invalid literal for int() with base 10: 'k'
You should however take a look at the traceback documentation, as you might find there more suitable methods, depending to how you want to process your variable afterwards...