Here’s the transcript (via Johnny Dollar’s Place):

NEIL CAVUTO [FOX NEWS]: A money scandal at radio network Air America and no one is covering it. A pill addiction of Rush Limbaugh’s and boy, everyone is all over it. Is it a case of liberal bias in the media? Jim Pinkerton says yes, indeed it is. Jim is a columnist for Newsday and a big-time Fox News contributor. Bill Press says no it is not. Bill is a radio talk show host, former chair of the California Democratic Party. Jim, what do you see in this that bothers you?

JIM PINKERTON [NEWSDAY]: Well, first of all it is a big story when a nonprofit C-3 organization, quote “loans” $875,000 to a very high-profile, very partisan, unabashedly liberal media outfit like Air America, with no evident plans for repayment. That’s a big story, and yet in the week after that story broke, there were exactly nine stories on Nexus. By contrast, as you mentioned earlier, when the news about Rush Limbaugh broke there were 67 stories about that. That’s a 7.4 to 1 ratio, which I think about squares with media bias in general.

CAVUTO: Bill?

BILL PRESS: Look, the reason–there’s no connection to–this is a stretch even for Fox, and surely for Jim Pinkerton. 没有任何联系。 Al Franken is not out there popping buckets of oxycontin. Al Franken is not doctor shopping. Al Franken didn’t go to rehab. Evan Cohen, who bilked the boys and girls club out of this money, also bilked Air America out of money. He is the guy, he’s the con man we ought to be going after. And by the way, what the hell–

CAVUTO: Well I agree, Bill. You know what, Bill, I agree with all that. So why not get more coverage of this story? It’s a pretty big story, right?

PRESS: Because it has nothing–listen, if you cover the story, fine. The connection to Air America, Neil, is what is bogus. There is no connection to Air America. The guy has been gone for over two years. They threw him out of Air America because–I was around there at the time–he told them that he had raised $30,000,000. He had nothing. Remember, they almost went bust.

CAVUTO: But wait a minute, $870,000 made its way to Air America, right?

PRESS: No, wait a minute, did it? A lot of it made its way to Evan Cohen’s pocket, and that’s the point. And here’s another–

PINKERTON: Bill–

CAVUTO: Let Bill finish; let Bill finish. Go ahead.

PRESS: Why did the boys and girls club, what were they doing loaning money to any business whatsoever?

CAVUTO: Bingo. That’s the issue, Bill. I think Bingo, that is exactly the issue.

PRESS: So I think the focus here ought to be Evan, on Evan Cohen and the boys and girls club.

CAVUTO: Jim, go ahead.

PINKERTON: Neil, you’ve had Eliot Spitzer on your show talking about, now Mr Attorney General Spitzer of New York, why are you going after the New York Stock Exchange, a board of directors, Eric, for a nonprofit? Why weren’t you showing adequate supervision over Richard Grasso and all the rest of them? Where’s the similar scrutiny of the board of directors of the Gloria Wise boys and girls club of the Bronx?

PRESS: Amen.

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PINKERTON: There is no scrutiny. And why isn’t Spitzer, who has time to chase after Alfred Einstein Medical School for their racial and housing programs and for lesbians, why doesn’t he care at all about $900,000 in tax-exempt money, or government money–who knows which, because as Bill says, nobody’s accounting for it all–why isn’t he investigating that?

PRESS: So we agree, we agree the culprit here are the directors of this boys and girls club, or the executive director, who loaned this guy this money. They’re the ones ought to be under investigation. The point I’m making is, this has nothing to do with the people who are now on the air on Air America, or that are now running Air America.

CAVUTO: But Bill, you raise a very valid point, but the bottom line is we don’t know that for sure.

PRESS: No, yes we do.

CAVUTO: We just know that there was a point where Air America was on the verge of going belly-up–

PRESS: No–

CAVUTO: –wait, here’s what we need to know, Bill. Did this money prevent that from happening? Is it worth exploring? Is it worth the media following? The media clutches on to stories that it has fewer grasping details. So what’s wrong with grasping at this one and see if there’s something there?

PRESS: No, no, no. Here’s the point again. The focus goes with Evan Cohen, who no longer works with Air America. No longer; over two years. So let’s put it this way: do you think if there was some former executive for Premiere that owns Rush’s show that got in trouble, you’d be blaming Rush Limbaugh? Of course you wouldn’t. You shouldn’t be blaming Air America. You shouldn’t be blaming Al Franken. Let’s go after Evan Cohen and after the boys and girls club.

CAVUTO: But Bill, is it worth exploring to you, because you’re a great journalist–

PRESS: Flattery will get you everywhere.

CAVUTO: –is it worth exploring to you–seriously–is it worth exploring to you whether the dots connect here, and whether there was a point in Air America’s history where its very survival somehow was assured by this money? Whether you disagree with that or not, that that not maybe didn’t happen, but to explore it?

PRESS: Let me just put a fact on the table. This loan occurred before Air America ever went on the air. When Air America went on the air they found out that–

CAVUTO: This occurred when Air America was getting the financing it needed to get on the air.

PRESS: No, no–yes, but let me tell you, when they went on the air, they found out that this Evan Cohen, there was no money in the bank because this guy had taken the money. He stole the money from Air America. He stole the money from the boys and girls club. That’s the guy you go after.

CAVUTO: All right Jim, what do you think about that?

PINKERTON: I was just going to say, there are serious questions about what happens to nonprofit charitable money and also the government money. But look, when Newt Gingrich was doing that show promoting a new civilization about ten years back, I will guarantee on Crossfire back then Bill Press was pounding away on Gingrich saying this is corrupt and rotten for Newt Gingrich to be doing this with a nonprofit. In fact there were problems with it, but they deserve to be scrutinized according to only one standard: both sides, fair and balanced, right and left.

PRESS: Hey Jim, Jim, Jim, nobody at Air America today is involved in this. Nobody, period. Get off it.

CAVUTO: All right. I don’t know what this Crossfire reference and this other news channel reference was all about. But guys, we’ll see where all of this goes. Thank you very much.