07/25/2008 05:12 am ET | Updated May 25, 2011

Bill O'Reilly Jokes About Waterboarding His Staff

Bill O'Reilly discussed with Shepard Smith today why he held back the full tape of Rev. Jesse Jackson caught by Fox News on a hot mic.

"I'm not in the business of hurting Jesse Jackson, because it does hurt Jesse Jackson," he said. "And I'm not in the business of creating some kind of controversy that is not relevant to the general subject: one civil rights leader disparaging another, over policy. So we held it back. Some weasel leaked it to the internet. That person wants to hurt Jesse Jackson."

"Do we know who leaked it, and what's happened to that person?" Smith asked.

"No, but I've got the waterboard right over here," O'Reilly responded.