As the phone-hacking scandal involving Rupert Murdoch's media empire widens, attention is increasingly being focused on his son, James Murdoch. The Guardian reported on Friday that the younger Murdoch, who has already admitted misleading Parliament, "could face criminal charges on both sides of the Atlantic."

James Murdoch is the deputy CEO of News Corp, the US company which owns the British company News International that allegedly paid police officers in the United Kingdom for information. This could make him liable to prosecution in the US under the Foreign Corrupt Practices Act, which prohibits American companies from bribing foreign officials.

Current TV's Keith Olbermann summarized the latest developments in the scandal before turning to Murdoch biographer Michael Wolff for commentary. Wolff began by saying that the elder Murdoch should really be out apologizing to everyone who has been harmed by his company's actions, but "that's not Rupert Murdoch."

"This is a company that's all about -- it's about power," Wolff explained. "You hurt me, you diss me, we smack you down." He added, "These people will do anything."

"Is James Murdoch really at legal risk?" Olbermann asked.

"I think it's an exaggeration, somewhat," Wolff replied, but he quickly noted, "Anything could happen now. ... The unimaginable is now occurring."

"This is the snowball effect," Wolff said, explaining that when it comes to Rupert Murdoch, "these politicians ... in the UK have had to put up with this guy for a long time. He's never been pleasant about it. He's always extracted blood. So finally there's an opportunity. 'We can get rid of this guy.'"

Wolff concluded by saying that we can expect "new revelations every day" as "more shoes drop."

Watch this video from Current's Countdown with Keith Olbermann, broadcast July 8, 2011.