He basically concedes that there is a good possibility that no criminal evidence of collusion between the Donald Trump campaign and the Russians will be found. What he reveals, and it is no big surprise to anyone who follows politics, is that the information collected during the course of this investigation could be politically damaging to President Trump if it is released.
First Toobin admits that there is a good chance that there is no there there as far as criminal evidence of Trump-Russia collusion:
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It may well be difficult to identify any criminal laws violated by the Trump campaign’s contacts with Russia. It will be important for Mueller to investigate, for example, whether anyone associated with the Trump campaign aided and abetted the hacking of e-mail accounts connected to Hillary Clinton’s campaign; that would certainly be a federal crime. But unlike, say, the Watergate investigation, which began with a break-in, it is not immediately clear what crimes may have been committed.