The Memo release

What we know (so far) from the memo:
      (full text of memo) 

• The Steele dossier formed an essential part of the initial and all three renewal FISA applications against Carter Page.
• Andrew McCabe confirmed (during sworn testimony to the committee) that no FISA warrant would have been sought from the FISA Court without the Steele dossier information.
• The political origins of the Steele dossier were known to senior DOJ and FBI officials, but excluded from the FISA applications.
• the FBI, DOJ, and Fusion GPS, and Richard Steele himself all leaked information to media outlets like Yahoo News, New York Times, Washington Post, CNN, etc, etc. Then those media reports (specifically Yahoo News) were included as additional evidence for the FISA application. The applications suggested that the source was not anyone associated with Steele or the dossier. 
• DOJ official Bruce Ohr met with Steele beginning in the summer of 2016 and relayed to DOJ information about Steele's bias. Steele told Ohr that he, Steele, was desperate that Donald Trump not get elected president and passionate about preventing it. This information was also withheld from the FISA courts. 
• Ohr's wife also worked with Fusion GPS, actually working on the same opposition research. All of her research was presented to the FBI through Ohr. 
• The FICA application suggests coordination between Carter Page and George Papadopoulos. However, the FBI had no actual evidence of such coordination. Subsequently, the Papadopoulos information is said to have triggered the FBI counter-intelligence investigation into possible Trump campaign Russian collusion. 
• The texts between Peter Strzok and Lisa Page include discussions about orchestrating leaks to the media regarding the investigation. 

Let's first reiterate that the FBI has not suggested any of this memo is inherently false. They went through it, there were some minor alterations, but by all accounts the contents are true as they stand. The argument from the FBI (and the Democrats) is that the memo is misleading based on certain omissions. (otherwise known as - they didn't get to tell their side of the story)

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So far, this is nothing that wasn't already speculated about. But it does confirm that the FISA application was provided to a Judge under false pretenses in a variety of ways. Without another reasonable explanation for why the FBI would otherwise do so, it would certainly appear to show clear political bias for the action. It also shows evidence that high ranking members of the FBI investigation team were orchestrating damaging leaks to the media.

There is also speculation brewing that recent postponement of General Flynn's sentencing has to do with whether or not information obtained from Flynn's phone calls had to do with similar warrants (or illegal unmasking). If Mueller used Flynn's recorded conversations to prove his misleading statement charges, the entire plea agreement could be in jeopardy if the reasons to record those conversations are not legitimate.

To be clear, there is nothing in the memo that states this, but the speculation is there in part due to people associated with the separate ongoing Inspector General investigation into this matter. Many expect that report to be the equivalent to a rather large "other shoe" dropping.