Watergate involved a break-in at the Democrat's office in the Watergate building complex during the Nixon presidency.
President Nixon invoked executive privilege. However, in U.S. vs. Nixon (1974) the U.S. Supreme court ruled that the constitutional basis for executive privilege must meet this standard: There must be a need to protect secret deliberations and communications intended ultimately for the president that pertain to military, diplomatic or sensitive national security matters.
Nixon's request was denied by the Supreme Court. President Nixon, facing potential impeachment, resigned and several of his key administrators were convicted and served time in federal prisons.
The Obama administration's gun running into Mexico labeled "Fast and Furious" is much more than a break-in of a rival political party. It involves murder: The deaths of two federal agents and the deaths of almost 300 Mexicans. (The Mexican government was never contacted about this operation).
President Franklin D. Roosevelt stated there is nothing done in politics that is not planned. The murders were not planned. The rest of the operation was planned. However, the American people don't know at this time how high the involvement permeates.
Apparently, the government's goal was simple: There needed to be more gun control and it would link American gun-shop-sold guns to Mexican crimes to help reinstitute the assault weapons ban.
Thus, there was no need to track the weapons and ammunition. American gun store owners were coerced or threatened by federal agents to comply with selling the assault guns and ammo or lose their federal firearms license.
Whistleblowers were placed under gag order and threatened. One or two did testify, ignoring the order and threats.
Perhaps, this goes all the way to the president (including Homeland Security) and it is no wonder U.S. Attorney General Holder had to ask his boss to institute executive privilege. Holder had stonewalled Rep. Darrell Issa, R-Calif., as long has he could. The illegal activities done via Fast and Furious are felonies and must be investigated and individuals tried outside the reaches of the current attorney general.
The president's invoking executive privilege over Fast and Furious does not meet the Supreme Court guidelines.
How long can the administration keep the felonies covered up? My guess is until the day after the presidential election.