David Letterman

David Letterman's assessment of Jay Leno is pretty much exactly what you guessed it might be: "He's just a complete boob," Letterman says.

Asked by his Monday night guest, Dr. Phil McGraw, about the late-night fight between Leno and Conan O'Brien, Letterman was blunt.

"I loved it. It was great fun," Letterman said, delving into a squeaky Leno imitation. "I loved Jay summing things up, 'Yeah, yeah, well [O'Brien and I] both got screwed.' Wait a minute, Jay. You both got screwed and yet you're the only one who ended up with a show. How did you get screwed exactly?"

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McGraw said he thinks Leno got a "bum rap" for the criticism he has endured since reclaiming The Tonight Show.

"Believe me, he got everything he deserved," Letterman said.

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He added that he has known Leno since 1975.

"When we first met and were hanging around, everyone loved Jay because he's so funny, so engaging, so compelling," he continued. "You can't not love him. But then there's also this other side of him where — and I think he would own up to it — he's just a complete boob. He can't help himself."

Watch the full exchange here: