By Bill O'Reilly

Let's walk through this complicated situation. For years federal law enforcement has been running sting operations in Mexico, sending American guns down there to see who is buying them and where they're being used south of the border.

Unfortunately the Feds lost track on some of those guns and one of them turned up in the killing of U.S. border patrol agent, Brian Terry.

So, Congress wants to know who is responsible for the screw up. Attorney General Eric Holder testified that he did not know about the "Fast and Furious" program until very late in the game. Some doubt that. Therefore, congressional committee has requested all Justice Department documents pertaining to the matter. Holder will not turn them over.

Today, President Obama invoked executive privilege saying he needs protection for his advisors in this case. Like presidents before him, Mr. Obama says he cannot reveal private advice. Therefore, is he ordering the Justice Department not to turn over the documents in which such advice is present. The House Committee rejects that argument and says the President and the Attorney General are covering up the situation. And today that oversight committee voted to hold Eric Holder in contempt.

Now, all of this will be adjudicated in the courts which will take forever. And some believe that's the plan. Keep the "Fast and Furious" documents secret until after the election. Because philosophically President Obama's constitutional play goes against what he has said in the past specifically about President Bush invoking executive privilege.

(BEGIN VIDEO CLIP)

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: You know, there has been a tendency on the part of this administration to... to try to hide behind executive privilege every time there is something a little shaky that's taking place. And I think the administration would be best served by coming clean on this.

(END VIDEO CLIP)

O'REILLY: All right. Mr. Obama spoke the truth. It's always better to come clean. But that goes for you too, Mr. President. There is no reason why you can't redact any advice given to you in private from the documents. Just black it out. Send them to me. I'll black it out for you.

Congress doesn't care about advice. They care about how the sting went wrong. Who's responsible because an American agent was killed. The privilege deal is a ruse and it's obvious. Release the documents, Mr. President and redact what you think should be held confidential in your office, not in Eric Holder's office. President Obama campaigned on transparency, remember that. This is obviously the exact opposite. Release the documents.

And that's "The Memo"

Pinheads & Patriots

Who are the highest paid athletes in the nation? Forbes magazine has the list.

No. 1, boxer Floyd Mayweather. He earned 85 million bucks last year alone. It's worth getting punched in the face for that. By the way, Mr. Mayweather is currently in prison for domestic violence. Not good.

No. 2, another boxer, Manny Pacquiao. He earned 62 million bucks last year.

No. 3, Tiger Woods, the boxer. Most in endorsements here. He clocks in at more than 59 million.

No. 4, basketball star LeBron James, earning $53 million in 2011.

And No. 5, tennis guy Roger Federer, nearly $53 million in one year. Most of that, again, endorsement money.

Now, I'm putting these guys in the "Patriot" category, because they're competing in an extremely difficult marketplace and succeeding. But Mr. Mayweather, you better clean up your act.

- You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.