The second (bolded) is much more likely.
My personal speculation is that BHO has been holding the "Sword of Damocles" ofwhat his "Justice" Department might do over
Slick CHILLy's head to keep her in line, and she's been walking a tightrope between wanting to put some separation between herself and BHO's
MALadministration and the consequences of getting too far out of BHO's line. It's pure speculation, but I think it fits BHO's and
Slick CHILLy's characters and how things have been playing out in the investigation and
Slick CHILLy's campaign.
The investigation is nearing its completion. I don't see much more possibilities for stonewalling, and I don't see possible outcomes other than indictment, refusal despite overwhelming evidence, or inexplicable delay into November (or beyond). I don't think inaction that protracted will play much better than the other two possibilities.