Barack Obama is covering up an act of war. What did he know, and when did he know it? What did Secretary Clinton know, and when did she know it? Why did the Administration decide it was a good idea to arm the domestic enemies of an allied foreign power?
These are questions the answers to which we will never know, if Barack Obama gets his way. When the President claimed Executive Privilege regarding Fast and Furious, he claimed, in essence, that he knew about it. At minimum he claimed to know about the cover-up.
And what a doozy of a cover-up it is. I'm not exaggerating in the least when I call it an act of war. Imagine, if you will, a terrorist organization setting up shop in the United States, directly in opposition to the US Government. This terrorist organization would be armed, decently well trained, and very violent. They would engage in the worst sorts of terrorism, over and above direct conflict with US domestic forces. And then imagine we found out that one of our putative allies was supplying them with weapons.
We would be outraged. We would demand that this erstwhile ally cease. We would probably threaten to go to war with them, if they didn't provide a very good explanation and probably some reparations of one kind or another. And we would be fully justified in so doing: they would have been fomenting rebellion here.
That is exactly what this Administration did in Operation Fast and Furious. They specifically armed the Drug Cartels, who were known to be in open rebellion against the Mexican Government. They coerced US Gun Shop Owners to sell guns to known straw-purchasers. They then refused to track the movements of those weapons; they even went so far as to reprimand the ATF Agent who objected to letting the guns walk.
When this was discovered, they first lied about the existence of the operation. Only when the evidence of its existence was overwhelming did DoJ change its story. And that pattern has repeated several times over the course of the House investigation into Fast and Furious.
Now Barack Obama owns all of it. By claiming Executive Privilege, he is claiming that the cover-up of this operation is so important to his administration that it should be exempt from oversight. He is claiming that this Act of War, or, at least, the cover-up of it, is a privileged operation: either the product of his deliberations with his cabinet, or necessary so that he can get the best advice from them. In either case, he has, essentially, admitted to breaking international law and engaging in war crimes.