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In the opinion of Independent counsel Lawrence E. Walsh, who investigated the affair, under the Arms Export Control Act <ref> http://www.law.cornell.edu/uscode/html/uscode22/usc_sup_01_22_10_39_20_II.html </ref> such sales to foreign powers not deemed under the term of the act friendly are illegal. <ref> http://www.fas.org/irp/offdocs/walsh/execsum.htm </ref> Payments to the Contras from the proceeds of private sales, while not illegal, in the opinion of critics were considered highly unethical.  Later such arrangements were made explicitly illegal by the [[Boland amendment]] to the Federal Appropriation Bill. The independent counsel's opinion alleged that the Reagan administration set about misleading congressional inquiries and may have withheld some documents. {{fact-political}}

In the opinion of Independent counsel Lawrence E. Walsh, who investigated the affair, under the Arms Export Control Act <ref> http://www.law.cornell.edu/uscode/html/uscode22/usc_sup_01_22_10_39_20_II.html </ref> such sales to foreign powers not deemed under the term of the act friendly are illegal. <ref> http://www.fas.org/irp/offdocs/walsh/execsum.htm </ref> Payments to the Contras from the proceeds of private sales, while not illegal, in the opinion of critics were considered highly unethical.  Later such arrangements were made explicitly illegal by the [[Boland amendment]] to the Federal Appropriation Bill. The independent counsel's opinion alleged that the Reagan administration set about misleading congressional inquiries and may have withheld some documents. {{fact-political}}

When the story was blown open by media outlets in the wake of midterm congressional elections after Democrats retook the Senate in November 1986, President Ronald Reagan answered questions on national television and denied Administration involvement in an Arms-for-hostages deal. The following week he returned to the airwaves to affirm that weapons were transferred to Iran but he claimed they were not part of an exchange for hostages. The Reagan administration cooperated with the investigation, and no wrongdoing was ever proved.  

When the story was blown open by media outlets in the wake of midterm congressional elections after Democrats retook the Senate in November 1986, President Ronald Reagan answered questions on national television and denied Administration involvement in an Arms-for-hostages deal. The following week he returned to the airwaves to affirm that weapons were transferred to Iran but he claimed they were not part of an exchange for hostages. In a speech in March of 1987, he acknowledged that the arms were in fact exchanged for hostages, saying that "what began as a strategic opening to Iran deteriorated, in its implementation, into trading arms for hostages." <ref>http://www.presidentialrhetoric.com/historicspeeches/reagan/irancontra.html</ref>  The Reagan administration cooperated with the investigation, and no wrongdoing was ever proved.  

[[Michael Ledeen]] was an early player in the affair, and eventually arranged for arms sales to Iran though the Iranian arms dealer [[Manucher Ghorbanifar]].  John Poindexter later resigned and later worked in [[George W. Bush]]'s administration.  [[Oliver North]] was also a major player in the affair and was called upon to testify before Congress and was questioned for a number of days. His strong answers in the face of Congressional grilling led him to become a type of folk hero at Congress's expense.  [[Caspar Weinberger]] was indicted, and pardoned by [[George H.W. Bush]].   

[[Michael Ledeen]] was an early player in the affair, and eventually arranged for arms sales to Iran though the Iranian arms dealer [[Manucher Ghorbanifar]].  John Poindexter later resigned and later worked in [[George W. Bush]]'s administration.  [[Oliver North]] was also a major player in the affair and was called upon to testify before Congress and was questioned for a number of days. His strong answers in the face of Congressional grilling led him to become a type of folk hero at Congress's expense.  [[Caspar Weinberger]] was indicted, and pardoned by [[George H.W. Bush]].