ATF's gun surveillance effort showed early signs of failure - latimes.com: "In March 2010, the No. 2 man at the ATF was deeply worried. His agents had lost track of hundreds of firearms. Some of the guns, supposed to have been tracked to Mexican drug cartels, were lost right after they cleared the gun stores.
Five months into the surveillance effort — dubbed Operation Fast and Furious — no indictments had been announced and no charges were immediately expected. Worse, the weapons had turned up at crime scenes in Mexico and the ATF official was worried that someone in the United States could be hurt next.
Acting Deputy Director William Hoover called an emergency meeting and said he wanted an 'exit strategy' to shut down the program."
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