Hillary Clinton has done a horrible job running the State Department. The majority of her failings comport with her ideological leanings, but, they are also supported and encouraged by Obama. The "reset" with Russia is based on projecting US weakness. The lack of support for the Green Movement in Iran reflects a desire to avoid being seen as interfering with the internal workings of another state, so that the US reputation will be improved in the Middle East. Calling Syria's Assad "a reformer" ... well there's no explanation for that at all. Needless to say, the world is a much more dangerous place because of the actions of Hillary Clinton.
Hillary Clinton has long indicated that she will not continue in this job past the election. If Obama is reelected, she will likely be replaced by someone who is much worse, somebody who has closer ideological and political ties to the Obama machine, somebody who will increase the danger to the US. So, as bad as Hillary Clinton has been for America, an Obama reelection will be much worse vis-à-vis the State Department.
Ed Klein reports that the rift between the Obama camp and the Clinton camp is growing, and that Bill Clinton is searching for ways to protect Hillary from the fallout from Libya. An argument could be made that helping Obama get reelected will provide the most support for Hillary, because Obama will have executive privilege power, the press will remain at bay, and Obama can use the power of the IRS and the Justice Department to intimidate anyone from an aggressive pursuit. But, this requires Bill and Hillary to trust Obama, and, as Reverend Wright and Van Jones have experienced, Obama is not trustworthy, even to his closest friends. Obama will focus blame on Hillary when he needs to insulate himself from taking responsibility for anything that goes badly, and with the world currently in chaos, he will need a lot of cover.
The most important thing for Bill Clinton at this point is to preserve Hillary's reputation and the Clinton brand. Perhaps they are also interested in Hillary running for President in 2016, and maybe a political career for Chelsea. Regardless, the Clintons will do whatever it takes to get past this crisis. This raises the opportunity to explore a deal with the Devil.
I do not believe that Hillary deserves a pass for 4 dead Americans in Libya, and I believe that the families of the fallen deserve answers and the truth. Clearly Hillary had some responsibility to protect US interests in Libya, but, at this point, it's unclear what other factors were at play. I believe that the following proposal should be floated to the Clinton camp, possibly through Lanny Davis. Hillary would have to meet with somebody like Ted Olson, which would afford her attorney-client privilege, and explain her level of responsibility vs. Obama's responsibility for the mistakes in Libya. If it can be determined by Ted Olson that she wasn't directly responsible for denying increased security (perhaps her request was denied by Obama), and perhaps also that she was pressured to perpetuate the "video story" (she did look like she was in a hostage video), then a deal could be made to provide her some insulation going forward, assuming that Obama isn't reelected. If she couldn't show some separation from direct responsibility, then, no deal.
I believe that Bill Clinton highly distrusts Obama. I also believe that Bill Clinton would trust the word of Mitt Romney and the Republican leaders in the House and Senate. The deal, again assuming that it could be demonstrated that the responsibility was shared significantly elsewhere, would be that Bill Clinton would use his influence to insure a Romney victory. Simply put, this involves Bill Clinton pulling in some favors from the Democratic machine in a couple of swing states to not steal votes, to have some mechanical problems in the buses that are intended to drive large groups of people to the polls, to limit the walking-around money on election day, and to slow the campaign donation money flow. In return, the Republicans investigating Libya would still solicit information/testimony from Hillary (perhaps in closed session instead of open session), but, not in a way that would destroy her politically, instead, focusing on other Obama officials.
This is a 3-rail bank shot, but, I think it's possible to pull off. There may be an opportunity with the Libya debacle to put a nail in the coffin of the Clinton machine, but by doing that, it makes the Obama machine stronger in the Democrat Party. The question is, is it necessary to make a deal with the Devil to insure a Romney victory and to start to take initial steps in dismantling the Obama machine. Or, is the best approach to keep the hands off the controls and let destiny rule. I think it's a 50/50 call, but, it's worth exploring.