Seriously? That’s all they’ve got?

The four-page memo that promised to reveal the biggest political scandal in a generation has finally been released. For all the pregame hype, the memo looks less like the next Watergate and more like the next “unmasking”-gate, the 2017 pseudo-scandal that alleged — wrongly — that Obama administration officials had mishandled classified information. That dust-up was orchestrated, coincidentally, by Representative Devin Nunes, the California Republican who heads the House Intelligence Committee and whose staff prepared the document released on Friday.

The memo opens darkly, raising “concerns with the legitimacy and legality” of Justice Department and F.B.I. interactions with the Foreign Intelligence Surveillance Court. What sort of illegality are they talking about? The memo doesn’t say.

Its central assertion appears to be that investigators who sought and received a warrant from the intelligence court to surveil the Trump campaign adviser Carter Page misled the court by failing to reveal the biased evidence they were relying on. First, they included in their warrant application a dossier prepared by Christopher Steele, a former British spy, without telling the court that Mr. Steele’s research was partly funded by the Clinton campaign. Second, they did not reveal that Mr. Steele had told a Justice Department official that he “was desperate that Donald Trump not get elected and was passionate about him not being president.”

The memo also notes that Andrew McCabe, the deputy director of the F.B.I. who stepped down this week, testified to the Intelligence Committee in December that investigators would not have sought the warrant without the information contained in the dossier.