Executive Privilege?

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It seems that Eric Holder has asked the President to assert executive privilege for the Fast and Furious documents that Congress wants.  Fox news asserts:

Rep. Darrell Issa pressed ahead with a committee vote Wednesday to hold Attorney General Eric Holder in contempt of Congress, despite an 11th-hour move by President Obama to exert executive privilege over the Fast and Furious documents at the heart of the dispute.

What the hell?  Our President, in the middle of a campaign, is asserting privilege over this scandal?  He's got to know that there will be political fallout, and has decided that it's worth the fallout to keep those documents hidden.

What's in those documents?  And why the panic to keep them secret?  If this doesn't make the mainstream media wake up, nothing will.