Host Lawrence O'Donnell asked Wolff if he thinks publicity associated with the House select committee's investigation is "good for Steve Bannon's business."
"This is exactly where Steve Bannon wants to be," Wolff responded. "The Democrats could not have played more into Steve Bannon's hands. He is the happiest man in America tonight."
"Remember, Steve has been kind of in the wilderness for the last three years, since Trump forced him out of the White House," Wolff added. "The real pain in Steve's heart is that the attention has been on Donald Trump — whom Steve regards as stupid, crazy and a crook — rather than the attention being on Steve Bannon. So yes, it's a good day for Steve."
O'Donnell noted that even if the Department of Justice prosecutes and convicts Bannon, the maximum penalty would be one year in jail, and he would likely only serve eight or nine months.
Wolff said if Bannon is sentenced to jail, "He would literally be in heaven. This would make his career and his life."
He added that Bannon would "absolutely" cash in on his time behind bars.
"I've been watching this and I've been thinking, Steve is just the luckiest man on earth," Wolff said.
O'Donnell also asked Wolff what he thinks Bannon's testimony would be like if the committee does end up questioning him.
"That's one of the interesting things about this, is that I don't think Steve Bannon has much to testify to," Wolff said. "He really was not in close contact with Donald Trump. He made efforts to be in contact, but Trump doesn't like to speak to Bannon. I don't think (Ohio Republican Congressman) Jim Jordan was really in touch with the president either. What Jim Jordan is trying to imply is that he was in touch with the president, but the reality is that he wasn't. So everybody is using this for a weird counter-purpose. ... They want to be Trump defenders. They want to be seen as somehow being important players in Jan. 6, when in fact it was ... chaos, mayhem, disorganized, and nobody was really representing Donald Trump except, as always, Donald Trump."
Watch below.
Michael Wolff on The Last Word
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