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Part one

In the early-morning hours of May 2, 2011, a small team of American military and intelligence professionals landed inside the high white walls of a mysterious compound in Abbottabad, Pakistan. The team’s mission, code-named Operation Neptune Spear, had two primary objectives: capture or kill Osama bin Laden and gather as much intelligence as possible about the al Qaeda leader and his network. A bullet to bin Laden’s head accomplished the first; the quick work of the Sensitive Site Exploitation team accomplished the second.

It was quite a haul: 10 hard drives, nearly 100 thumb drives and a dozen cellphones. There were DVDs, audio and video tapes, data cards, reams of handwritten materials, newspapers and magazines. At a Pentagon briefing days after the raid, a senior military intelligence official described it as “the single largest collection of senior terrorist materials ever.”

The United States had gotten its hands on al Qaeda’s playbook—its recent history, its current operations, its future plans. An interagency team led by the Central Intelligence Agency got the first look at the cache. They performed a hasty scrub—a “triage”—on a small sliver of the document collection, looking for actionable intelligence. According to Director of National Intelligence James Clapper, the team produced more than 400 separate reports based on information in the documents.

But it is what happened next that is truly stunning: nothing. The analysis of the materials—the “document exploitation,” in the parlance of intelligence professionals—came to an abrupt stop. According to five senior U.S. intelligence officials, the documents sat largely untouched for months—perhaps as long as a year.

In spring 2012, a year after the raid that killed bin Laden and six months before the 2012 presidential election, the Obama administration launched a concerted campaign to persuade the American people that the long war with al Qaeda was ending. In a speech commemorating the anniversary of the raid, John Brennan , Mr. Obama’s top counterterrorism adviser and later his CIA director, predicted the imminent demise of al Qaeda. The next day, on May 1, 2012, Mr. Obama made a bold claim: “The goal that I set—to defeat al Qaeda and deny it a chance to rebuild—is now within our reach.”

The White House provided 17 handpicked documents to the Combatting Terror Center at the West Point military academy, where a team of analysts reached the conclusion the Obama administration wanted. Bin Laden, they found, had been isolated and relatively powerless, a sad and lonely man sitting atop a crumbling terror network.