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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 Borland 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.  

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 Borland 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.  

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 reiterated they were part of an exchange for hostages. The Reagan administration cooperated fully 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 reiterated they were not part of an exchange for hostages. The Reagan administration cooperated fully with the investigation, and no wrongdoing was ever proved.

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