This is a rush transcript from "America's Election HQ," April 4, 2008. This copy may not be in its final form and may be updated.

MEGYN KELLY, CO-HOST: The Clintons have been hounded and badgered to release their tax return records for a very long time. And just a few minutes ago, they finally did it.

So, what exactly do they reveal?

• Video: Watch the interview

Here with us now: former Clinton adviser Dick Morris. You can check out his column for free at DickMorris.com.

Hi, Dick.

DICK MORRIS, FORMER CLINTON ADVISER: Let's start with: are you guys marrying (ph)?

KELLY: No, I married somebody else who doesn't have the last name Kelly. But if I ever get arrested in New York, I'm going to tell him to release me — Greg's father.

MORRIS: Yes, right.

KELLY: So, what do we learned from these tax returns. We long awaited, finally, we get them. What have you gleaned so far?

MORRIS: Well, they report a $109 million of income over a seven-year period, just good work if you can get it. And break it out: $52 million from speeches that the president gave, $30 million from the book the president wrote, $10 million from Hillary's book, $1 million from Hillary's Senate salary, $1 million from Bill's pension and other items.

KELLY: Over the course of eight years.

MORRIS: That comes to $94 million, not $109 million.

KELLY: Which is the number that they say they earned.

MORRIS: There's $15 million that they made and then not telling us where it's from. Now, if you go to Hillary's Senate disclosure form where she lists all of these income sources, she says that there are two other sources of income the president got. One is from Yucaipa, which I will explain in a minute, and the other is from Info USA which I shall explain in a minute. And all she says is that's more than $1,000 for each.

KELLY: But she's never say how much more.

MORRIS: That's right. This would imply that those two which are the only other sources she lists, are $15 million and they are some skuzzy sources. Info USA made its living selling lists of vulnerable, elderly people — elderly with Alzheimer's, elderly who have terminal illnesses, elderly who are gambling addicts...

KELLY: Why would she be getting income from them?

MORRIS: ...to phone people who then called them and scammed them. Bill got income from them. He was paid somewhere between $4 million and $6 million from this company.

KELLY: For what?

MORRIS: We don't know. We have no idea for what. Just lend his name.

And then, Ron Burkle, the supermarket magnate, and Bill Clinton, and the emir of Dubai, the head of this anti-Semitic reactionary workers abusing country, cited for human rights violations in the Middle East. The three of them set up a partnership called Yucaipa which has some domestic investment but manages also emir's investments.

This would imply that Bill Clinton may have been paid as much as up to $15 million in effect by the emir of Dubai, which means the husband of the woman running for president of the United States, a former president himself, may have been paid up to $15 million by a foreign government condemned by our own State Department for human rights violation and for bringing in investment income, that is for channeling the management of the emir's investments to Burkle and Yucaipa, kind of like a finder's fee.

KELLY: And let me ask you, if that is true, and right now, it's speculation, because all we have is this summary of where they're money's came from and they say - they say on here's where it came from, book deals among other items.

MORRIS: It's one notch better, Megyn, than an assumption. It's a rebuttable presumption because in her disclosure form she's obliged to list all sources of income but not the amounts.

KELLY: So, the only two that were unaccounted (ph) for.

MORRIS: And for all these sources, but the only two are Info USA and Yucaipa/Dubai.

KELLY: So, what do you think is the result of that, Dick? Do you think that there needs to be more? That they actually rather than saying, OK, we got our money from among other things our Senate salary, our presidential pensions, et cetera, you think they need to go further?

MORRIS: Well, all of those are accounted for. They certainly do. And I think this means that the next time Bill Clinton or Hillary Clinton go at some place to campaign, the first question they're going to get or they should get is: What did your husband do for Dubai and how much did he make from it?

And she'll say we've made all of our disclosures. And then you say, there's $15 million unaccounted for here. Where did that come from? And what did you do for it?

Because we're really talking here about a country that is trying to buy influence in the United States. Remember the Dubai ports deal where they wanted to take over the management of our ports, and the government ruled against them and they backed down?

Well, here you're talking about the husband of the potential next president of the United States making potentially $15 million in personal income from the emir of this country.

KELLY: You mean (ph) the suggestion that the Clintons would somehow do something to undermine the security of the United States, because former President Clinton is somehow in bed (ph) with these folks?

MORRIS: Well, it's the question - it doesn't need to reach that far. This guy, for example, was recently sued. The lawsuit was dismissed on jurisdictional grounds, for hiring camel jockeys that is children three years of old or less, kidnapping them.

KELLY: This guy who President Clinton made a partnership.

MORRIS: The emir of Dubai and he was sued by the parents of the children, and they kept young, they kept scrawny, kept light, kept short, so they can ride camels in the emir's race.

KELLY: But I think that we are so far off the reservation now that the American voter would somehow attribute that to Hillary Clinton and say that she approves of that just because her husband at some point may have gotten some income from this partnership, am I wrong?

MORRIS: Well, some income. $2.5 million a year is some income? $15 million is more than a little drop in the bucket.

KELLY: And I guess it's all relevant about what year that money come in. Maybe he earned it 8 years ago and the relationship separated (ph).

MORRIS: No, the relationship undoubtedly has ratcheted up in recent years. The whole relationship itself didn't begin until around '03.

But the point is that here you have not a campaign contribution, not a speaking fee for a speech that he gives, but money for no specific labor being given potentially by a foreign government to the husband of the U.S. senator, a former president who's the husband of the potential next president. Where did it come from, how much was it, and what did he do it?

KELLY: It raises more questions than answers, in other words, tonight.

MORRIS: Absolutely.

KELLY: And we should point out for our viewers that this — I mean, literally, we just got this moments before we went on air. So, we're all just looking at it and trying to figuring out exactly what it means.

But, interesting initial thoughts, Dick. Thanks so much for being here with us.

MORRIS: Thank you.

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