F&F has the reek of Clintonesque scheming all over it, and I am not positive Obama actually knew of it though Holder would certainly have had to know, because that is how DOJ works - it has a very controlling, top-down organizational character, and a very precise portfolio. As SecState, Clinton would have needed to know as well, and it is the kind of dual-purpose plan that would have been extremely appealing to her - reach out after the cartels and get some headlines about our great State and Justice Departments (Money in the political bank for her), while at the same time embarassing the RKBA advocates and shaming them into silence. She is also perfectly capable of setting up the Boy King to take the fall if it went south, by keeping him in the dark on it.
It may come as a surprise to some, but I have personally seen cases of the most senior leadership in an organization leave the head guy in the dark on their thin-ice schemes, which they saw as 'Protecting' him. The practical effect was that unless the S totally HTF, he would be truthfully denying any such thing existed (As far as he knew) if anything less than an intense, external inquiry occurred. F&F is exactly the kind of risky scheme that two assholes like Clinton and Holder could have cooked up, and then agreed to keep it from Obama to preserve his 'Plausible deniability.'
He could be in it up to his eyeballs, of course, though I personally don't think he's actually that smart. It's just that based on my own experience, I find the possibility of him being insulated from it at least equally probable.