Then chancellor of District of Columbia Public Schools, Michelle Rhee featured on the cover of 'Time' about two years ago in a piece on reforming the nation's public schools. Now she's unemployed.

She explains why on 'The Colbert Report' (weeknights, 11:30PM ET on COM). "My boss, Adrian Fenty -- who was the mayor of D.C. -- lost his election, so that means I lost my job."

Rhee is still figuring out her next career move. "You ever thought of being a correspondent?" asks Stephen Colbert. She answers politely, "I'd be very interested in joining the team."

"We'll need to see some references," he jokes.