This is a rush transcript from "Glenn Beck," August 13, 2009. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: Chicago is known for dirty — Chicago is known for dirty politics, Windy City. Native Rahm Emanuel — no exception to the Chicago way. He was known as the bag man in the Clinton White House. That sounds good. Now, in the Obama administration, his strong-arm tactics are helping make all of Obama's dreams come true. It is scary but true.

Pat Caddell, he is a former Democratic pollster and a FOX News contributor.

How are you, sir?


BECK: It is good to meet you. Help me out here because I think there are a couple of disturbing connections. And I'm all about — I think this whole administration is all about connections.

CADDELL: Absolutely.

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BECK: OK. So, it's really not about what you see, it's.

CADDELL: It's everybody connected to everybody else, and the money.

BECK: It's almost community organizing.

CADDELL: In a large way.

BECK: In a large way, yes. OK. Help me out. Where do we start with Rahm Emanuel? Where's.

CADDELL: We start with his role, as you said, in the Clinton White House.


CADDELL: He leaves the Clinton White House and he gets two jobs. He gets put on the board of Freddie Mac, which is the second of the big giant mortgage companies.

BECK: What is his — what is his qualification? Didn't he go to school for dancing?

CADDELL: He studied ballet dancing in college. He was trained for ballet. He is.

BECK: Freddie Mac doesn't do ballet.

CADDELL: No, that's true.

BECK: Yes.

CADDELL: Now, he gets. The other job he has is that he gets a job with Wasserstein Perella, which is a major Wall Street deal company, and he gets in their Chicago office. And he then made $16 million in less than two years.

BECK: In two years?


BECK: Two years, $16 million is what he makes.

CADDELL: On top of the quarter million taxpayers gave him for Freddie Mac.

BECK: And $250,000. Wait, he was there when — he was there.

CADDELL: He was there when they're cooking the books.

BECK: Yes. He was there.

CADDELL: This is — they were cooking the books there.

BECK: Got it. OK. Sixteen million dollars — how did he make the $16 million?

CADDELL: Paid $16 million basically on one large deal and there's a second one. But a big deal he got it on was he was advising SBC which later grew into the new AT&T.



BECK: That's not really — here's what's interesting about the SBC thing, is, the guy who helped make this deal.


BECK: . took a loss, did he not?

CADDELL: Yes. They had to sell because they bought another phone company, Ameritech. They had to get rid of a security company called SecurityLink. It was $1 billion, $1, $1.5 billion investment. He sold it to a group headed by — an investment group being led by.

BECK: Whitacre?

CADDELL: No, by — this Whitacre was the chairman. He sold it to a group led by Mr. Emanuel for about $500 million.


CADDELL: Six months later — six months later, the investment bank that bought it sold it for $1 billion.

BECK: That's good — that's a good investment!

CADDELL: Not bad.

BECK: That's good.

CADDELL: Now, and he took out a huge amount of money. Now, the president at that time, Whitacre was the chairman of SBC.

BECK: America, does the name Whitacre, the guy who helped Rahm Emanuel make $16 million, does the name Whitacre ring a bell? Pat?

CADDELL: Because, when they appointed the new chairman of G.M., who announced the day of his appointment, I know nothing about the car business, his name was Edward Whitacre.

BECK: Oh, my goodness. Oh, my goodness! It's the new chairman of G.M. that knows.

CADDELL: Well, it gets better. It gets better, because the second name down in the corner, Bill Daley, brother of the mayor, who is the really, the powerful force. I said this on the air in 2008, a person pulling the strings in the Obama campaign was Bill Daley. One of his closest friends, one of his closest confidants (ph) is a person named Jim Johnson. Jim Johnson was the chairman of Fannie Mae. He had been — his qualifications for the largest mortgage company in the world was that he had been Walter Mondale's campaign manager.


CADDELL: And he puts him on the board there.

BECK: Pat, let me ask you real quick because I got 30 seconds.


BECK: Why is no one connecting these dots?

CADDELL: That's what drives me crazy.

BECK: Why is no one.

CADDELL: Corruption is killing this country. It is corruption on the Republican side. It is corruption by the side with Democrats.

BECK: Yes.

CADDELL: It is a — it is a cancer on the society. No one will touch this story. Nobody has made this connection in the media, well, because they have decided they have a new role, which is to serve as lackeys.

BECK: Pat, you are a Democrat. I am an independent. But I am a conservative. Let me tell you something.

CADDELL: Both these parties are in deep trouble.

BECK: They are in deep trouble. And you bring any connections, you keep helping us and I will air the story to my last breath.

CADDELL: There is so much to uncover here. It is like the beginning.

BECK: You stay close to us, sir, and we will uncover it.

CADDELL: Will do.

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