This is a rush transcript from "On the Record ," December 22, 2008. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: Who is “Individual D”? That's the person who is named in a federal complaint against the Illinois governor. And now Individual D wants something. Who is he, what does he want, and what does he know?

Joining us live here in Washington is Lynn Sweet, Washington Bureau Chief for "The Chicago Sun-Times."

Who's Individual D?

LYNN SWEET, WASHINGTON BUREAU CHIEF, "THE CHICAGO SUN-TIMES": It's a man who has been a fundraiser for a variety of Illinois politicians, including Governor Blagojevich, who also was a host of a fundraiser that Jesse Jackson Junior's brother was at. And now it is believed he has gotten immunity, Greta, from federal agents.

VAN SUSTEREN: So that's what he wanted? He wanted immunity?

SWEET: But we don't know what--immunity for what? This is someone who was involved in some state business, business that's regulated. And there are so many tributaries to this story, you don't know what angle he may be interested in getting immunity on.

VAN SUSTEREN: As a former defense lawyer, it's always bad when someone in the story gets immunity, because you only get immunity because you're talking, and you only get immunity because you have something to sell to the prosecutors. So that's not a good sign for somebody. That's a really bad sign for somebody.

SWEET: There are so many characters in the story dealing with Governor Blagojevich and his corruption schemes, there could be up to a dozen people involved right now. You don't know who this hurts the most.

VAN SUSTEREN: Who did he fundraise for? Did Individual D fundraise for the governor?

SWEET: For the governor, right.

VAN SUSTEREN: And just the governor, or did he fundraise for somebody else?

SWEET: He has through the years fundraised for a variety of prominent Democrats, including the attorney general, and others.

VAN SUSTEREN: Who tried to declare the governor unfit?

SWEET: Right, and the Supreme Court wouldn't allow it.

Part of the pay-to-play, as I call it, "scandal" in Illinois, is that people who have business with the state, people that are regulated by the state, give money to everyone across the board because they think it helps.

I don't think they think it's democracy with a little "d" here. They think it jut helps them get in, get their face know, helps them with business.

That's the kind of culture of corruption we have in Illinois. It might after the new year when vendors are barred from giving campaign contributions to state officials.

VAN SUSTEREN: What's the governor been doing the last couple of days?

SWEET: He has been hanging low -- I wouldn't call it a press conference, because when you just read a statement and recite poetry, it's not really a press conference. It's a video press release.

He has been laying low with the impeachment proceedings. He will take a few days off for the Christmas holiday. But they're going along. His attorney was out making arguments today.

And what you have going on now--tomorrow, the Obama transition team will release their report on their internal investigation and what communications they had, particularly Rahm Emanuel, from their team over to the governor. That will create another wave of interest.

VAN SUSTEREN: Why the delay in releasing that? They have had it done for some time.

SWEET: They've had it done. The prosecutor, Pat Fitzgerald, asked Obama's team for more time.

VAN SUSTEREN: That's weird, though. (INAUDIBLE) You don't ask for four days or five days.

SWEET: Here's what I think is at issue. I think they have more people to interview.

Just think of this. They weren't ready to really have this whole investigation done, but they had to speed it up because the "Tribune" had information. And now they go public.

And then what they didn't count on is that President-elect Obama would feel the need to, with his new policy of transparency, to say he's going to do his own investigation and release some results.

Fitzgerald didn't count that in. I think he didn't have interviews done with everybody and needed the week to get that done, because once that report is out, you're the lawyer, people were going to be called to be interviewed and know more than they should when they're talked to by agents.

VAN SUSTEREN: President-elect Obama has talked about transparency. We will see how it is defined tomorrow.

SWEET: Transparency is not a one-way street. I was reading the transition policy to on transparency about what they disclose in meetings, et cetera. And they said that what they have put out there is a floor, not a ceiling. So I know as reporters we want that ceiling to be pretty high.

VAN SUSTEREN: We will be watching tomorrow, because we will see transparency defined, at least by President-elect Obama.

Lynn, thank you.

SWEET: Thank you.



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