This is a rush transcript from "Glenn Beck," September 30, 2009. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: So, let's bring in the president of Judicial Watch, Tom Fitton. He's — Tom, you're the organization that said she's one of the top 10 most corrupt individuals in America or politicians in America, Valerie Jarrett.


BECK: You watched the monologue here and the chalkboard a second ago. What am I missing, or what are the — what are the important things that people need to really digest here?

FITTON: They need another chalkboard. It's that big of a scandal. You just hit the tip of the iceberg there.

You know, she's not only a slumlord from Chicago but she also funded other slumlords. She served — and we sent our investigators out to Chicago to get the documents — she served on the boards of several organizations that provided funding and support for Tony Rezko and Allison Davis. Allison Davis was the former boss of Obama.

And Rezko had his own slum projects. He was running with taxpayer money and the support of Valerie Jarrett.

BECK: Didn't...

FITTON: And the "Chicago Tribune" said, you know, again, it was squalid conditions that Rezko was running and he had done it with — in part with Jarrett's help.

BECK: Can you help me out? Because it certainly looks like there is a — I mean, the president is flying on a 747 jumbo jet to go over to Denmark. His wife took the smaller 727 today to go over there with Valerie Jarrett to make the case to get the Chicago Olympics. Who benefits from this, I mean, besides the people of Chicago?

FITTON: Well, Valerie Jarrett's former businesses benefit, Habitat, which manages hundreds of thousands of apartments throughout Chicago, not only on behalf of the government but on behalf of other developers. So, obviously, she has a nice place to go home to if the Olympics come to Chicago.

David Axelrod's firm, the advisor to President Obama, the other senior advisor to President Obama, his firm has done work for the 2016 Olympics. He still has a financial connection to it. They owe him a lot of money.

BECK: So, this is a pretty hefty charge because, before we have say, well, I guess this is no different except scale. Before, you know, the bailout for G.M., that was to benefit the friends at the unions, you know? We broke all kinds of laws and everything else.

By the way, are these banners like really big? Because I don't even - - I don't think I even have to wear clothes on the set anymore. But that's disturbing, I know. I'm sorry for that, America. People threw up in their mouths just about this much. The other things have always been about big industry or making it. This one are you claiming that the — or can you make the claim that the 2016 Olympics are about personal enrichment for the friends of Obama?

FITTON: The problem is, you have the appearance of conflict of interest, the appearance of personal enrichment. And in the context of the presidency of the United States, you don't want that happening. Valerie Jarrett needed an ethics waiver to run the Olympics office for Barack Obama. By Barack Obama's own rules that we're going to clean up Washington, she would have been prohibited from working on this because of her prior conflict. They gave her an ethics waiver.

Take a minute to think about the phrase ethics waiver. Only in Washington could you have a phrase called ethics waiver. Waive ethics.


FITTON: It's incredible. And now — and now, she's really hijacked the presidency on behalf of this local operation in Chicago, and everything in Washington ground to a halt while they take care of their friends back in Chicago.

BECK: I appreciate your hard work.

FITTON: You know, Jarrett — by the way — by the way, Jarrett was on the board of directors of the hospital that gave Michelle that nice raise and that nice job, by the way.

BECK: Coincidence.

FITTON: I don't want to talk — we don't want to talk about that.

BECK: No, total — that's a total coincidence. All right. Thank you very much. I appreciate it. Let me talk to you as a watchdog here for a second. Look into this, please? I mean, you know — I say on this program all the time, I'm not a journalist, and I'm not, and I'll stop bringing you news like this when actual journalists do their jobs on — I don't know, like the networks and stuff. They got a lot more money. Maybe they should try. Hey, New York Times, give it a whirl and see what you can find. In the meantime, citizen journalists, watchdogs, tweet me. Dig into it. There's trouble here.

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