• This is a rush transcript from "The Journal Editorial Report," December 6, 2008. This copy may not be in its final form and may be updated.

    PAUL GIGOT, HOST: Up next on "The Journal Editorial Report," Obama makes it official, Hillary's his pick for secretary of state. But will Bill's fund-raising machine complicate the new administration's foreign policy?

    Plus, just when you thought the election was over, the drama continues in Minnesota. Could Al Franken steal a seat with the help of some Senate friends?

    The big three come back to Capitol Hill making their second pitch for a bailout. Will they get it? And how much will you have to pay?

    "The Journal Editorial Report" begins right now.

    Welcome to "The Journal Editorial Report." I'm Paul Gigot.

    It's official. Barack Obama rolled out his foreign policy team this week with former rival Hillary Clinton as secretary of state. The announcement came after a deal was struck with former President Bill Clinton to disclose publicly the names of more than 200,000 donors to his presidential library and foundation.

    Here with a look at what we're likely to find on that list and how it might complicate the administration's foreign policy, "Wall Street Journal" foreign affairs columnist, Bret Stephens; assistant editorial page editor, James Freeman, opinionjournal.com columnist John Fund; and Washington columnist, Kim Strassel.

    James, we know they've been raising money, Bill Clinton and his allies.


    GIGOT: At least for — since 1997 for his foundation and library. What do we know about that donor list?

    FREEMAN: We know the money was ramping up over the last few years perhaps in anticipation of Hillary becoming president. 1997, $129 million in revenue for the William J. Clinton Foundation.

    GIGOT: That was 2007.

    FREEMAN: Excuse me, 2007. If you go to the website of the William J. Clinton Foundation, you'll see the tax form they file with the IRS. You'll see the all the money. What you will not see is the names of any donors. This remains largely a mystery.

    GIGOT: He steadfastly refused to release that during the presidential campaign despite pleas from the press and rivals to do so.

    FREEMAN: That's right.

    GIGOT: And why could he get away with that?

    FREEMAN: I think you have to wonder what's on that list. As far as how he got away with it, I think it's bizarre. Some people might ask why they didn't disclose it then when it was an issue in the campaign, but he's willing to now to let her be secretary of state. We'll find out. The hope is that these names come out soon so people can examine them before her Senate confirmation.

    GIGOT: Kim, having refused to do that during the campaign, they nonetheless have agreed, as a price of making her secretary of state with Barack Obama, doesn't Obama get some credit for forcing their hand on this? And what do you think the political implications are?

    KIM STRASSEL, WASHINGTON COLUMNIST: Well, look, I don't think he necessarily gets credit. I think this had to be the basic level of disclosure for her to do this. This is as enormous thing. You're talking about one of the most influential people in the world setting policy. You don't know what the ties are with her husband, between all these different people around the world. That's what the policy implications are.