Cam Simpson reports on Rod Blagojevich.

Among the hundreds of hours of conversations involving Illinois Gov. Rod Blagojevich secretly recorded by the FBI since Oct. 22, one phone call is drawing particular scrutiny among politicos, journalists and others in Washington. It was a marathon conference call on Monday, Nov. 10.

The call lasted about two hours. On the phone were Mr. Blagojevich, his wife, his general counsel, an unnamed adviser, and John Harris, the governor’s chief of staff and his co-defendant in this week’s case.

But what’s drawing the most interest is who was on the line from Washington, and the sequence of political events that followed that same night and in the ensuing days regarding Barack Obama’s close friend and adviser, Valerie Jarrett.

According to the FBI, there were “various Washington, D.C., based advisers” on the call with Mr. Blagojevich & Co., although the Washington callers are not named. The FBI also said participants popped on and off the line throughout the conversation.

During the call, Mr. Blagojevich and those closest to him allegedly detailed virtually every one of their ideas for turning Mr. Obama’s open Senate seat into something valuable. Specifically, the governor asked “what he can get from the President-elect for the Senate seat,” the FBI alleged, adding later that callers talked about how to “monetize” Mr. Blagojevich’s connections.

Mr. Blagojevich also bemoaned what he called his financial struggles, although his post reportedly pays about $177,000 per year. “The immediate challenge,” the governor allegedly said, “[is] how do we take some of the financial pressure off of our family.”

Callers discussed the possibility of ambassadorships, which are made by the president. They talked about an appointment for Mr. Blagojevich as head of the Department of Health and Human Services, also made by the president. They explored the idea of getting Mr. Obama to use his clout to put the governor’s wife on corporate boards. And they discussed a deal involving the Service Employee International Union, which would be asked to install Mr. Blagojevich over one of its top political groups in exchange for the union getting to tell Mr. Obama that it was delivering the open U.S. Senate seat to his favorite candidate.

That candidate, Mr. Blagojevich believed, was Valerie Jarrett, according to sources familiar with this part of the probe.

There is no inference that Mr. Obama knew about or encouraged any of this alleged scheming, and he has explicitly denied it. But the big question today is this: Were any members of his transition team among the “Washington advisers” on the line during this marathon conference call, or did one of the participants fill them in about these wild ideas?

Mr. Obama’s people are not commenting on details about the case. But the reason that question is on so many minds today is because of what happened that very same Monday night.

At 7:56 p.m. Eastern Time, CNN reported that “two Democratic sources close to President-elect Barack Obama tell CNN that top adviser Valerie Jarrett will not be appointed to replace him in the U.S. Senate.”

That was an abrupt turnaround. While we can’t vouch for CNN’s reportage, the network had reported that same weekend that Ms. Jarrett was Mr. Obama’s top choice. (Ms. Jarrett herself confirmed that she was out of contention two days after it was reported by CNN, and two days after the marathon conference call. She told the PBS show The Newshour with Jim Lehrer, “Well, you know what? I`m actually not interested in the Senate position.”)

At a bare minimum, the timing of Team Obama’s decision to remove Ms. Jarrett’s name from contention, or at least to remove her name from the public speculation about the post, seems extraordinarily lucky. It came on the very same day the FBI secretly recorded Mr. Blagojevich telling a huge conference call loaded with politicos, in Illinois and Washington, that he wasn’t about to give the Senate spot away for nothing.

It’s also the same recorded conversation in which Mr. Blagojevich uses an obscenity to refer to Mr. Obama, before the governor makes clear he won’t give the president-elect the seat for free. “F— him. For nothing? F— him.”

Look for everyone to continue focusing on this call, and who from Washington was on the line.

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