This is a rush transcript from "The Five," December 20, 2012. This copy may not be in its final form and may be updated.

ANDREA TANTAROS, CO-HOST: Caution -- somebody let Bill O'Reilly out of the No-Spin Zone and we got him right here on set with us today.

Bill, we've got you for the next 20 minutes.

BILL O'REILLY, FOX NEWS: Oh, my God.

TANTAROS: We have a lot to cover. Thank you for being here.

Let's start with Benghazi. I want to ask you: are you buying this whole concussion that Hillary Clinton is saying that she has?

O'REILLY: Well, Laura Ingraham named it "the immaculate concussion", OK? Am I buying it? I think that she could have taped and go -- you know, if you are a football player you can tape and play.

GREG GUTFELD, CO-HOST: Yes.

O'REILLY: I think she could have. I think she is trying to delay it. Nobody knows where she is. I'm worried about her.

GUTFELD: She's actually at my apartment.

O'REILLY: Is she?

GUTFELD: Yes. We're just hanging out, watching some old videos.

TANTAROS: Is that the whole point of delaying it, Bill, right? So, she can say when she finally does testify if they ask her a question, you know, I can't remember. I don't know, the concussion --

(CROSSTALK)

O'REILLY: She might have amnesia, right.

GUTFELD: No, you got to understand. What if this concussion is real? For the first time in history, you've got what you wish for. Everybody had a final, and you're walking to your final, you hoped that a car ran over your foot, or something like this would happen. And it actually happened. We're just jealous.

BOB BECKEL, CO-HOST: You guys are so cynical. First of all, this is one of the best secretaries of state in history, number one. Number two, why would she fake a concussion? She said she'd testify in January. I mean, the fact of the matter is, there's a lot of witch hunting people --

(CROSSTALK)

TANTAROS: Because she is a Clinton.

GUTFELD: Are you calling her a witch?

DANA PERINO, CO-HOST: Bob --

ERIC BOLLING, CO-HOST: So, no one is questioning her ability on secretary of state. On the show, we said she's been a fantastic secretary of state, but --

PERINO: Who did?

BOLLING: Well, I did. I think I did.

But nonetheless, four people are dead. She said at her words, I'll take full responsibility. It's time for her to testify and do it.

(CROSSTALK)

O'REILLY: Here's what I am, here's what I think. They fire the valet parker at the State Department.

PERINO: Right.

O'REILLY: The janitor got fired. The guy who delivers the mail in the mailroom, they let him go just before Christmas.

GUTFELD: Yes.

O'REILLY: You know, they're firing people all over the place.

TANTAROS: Right.

O'REILLY: And I think one of the guys today go, you know, I'm in charge of Romania. What am I doing here? I don't know what happened.

PERINO: And those people are career State Department officials that have X amount of time in government.

O'REILLY: Here's how bad it is. I couldn't use the sound bite for either the Senate or House hearings today on "THE FACTOR" tonight. There wasn't one interesting sound bite that I could use at all of those hearings because everybody was going, I don't know anything about it. I wasn't there. I don't know.

GUTFELD: You know, what the real winners are, though? The media.

They no longer have to report because they get a report. It's like they got a cliff's note version of Benghazi. They got the 29-point. They miss everything.

PERINO: Yes. You just sit back, you don't have to go out and leave your desk. You just wait for the government to provide you --

GUTFELD: Yes. The report was like previously on "Dallas". If you watch "Dallas", you knew what was happening. If you watch FOX News, you don't need a report.