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The scandal was first discovered by an assistant to Attorney General [[Ed Meese]], who found a memorandum written by Lieutenant Colonel [[Oliver North]] that documented the diversion of funds to the Contras. After the discover of the memorandum, President [[Ronald Reagan]] met with both party's of Congress to disclose their findings; Reagan then asked for the appointment of an independent counsel<ref>''An American Life, The Autobiography of Ronald Reagan, pg. 530''</ref>.

The scandal was first discovered by an assistant to Attorney General [[Ed Meese]], who found a memorandum written by Lieutenant Colonel [[Oliver North]] that documented the diversion of funds to the Contras. After the discover of the memorandum, President [[Ronald Reagan]] met with both party's of Congress to disclose their findings; Reagan then asked for the appointment of an independent counsel<ref>''An American Life, The Autobiography of Ronald Reagan, pg. 530''</ref>.

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.  

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 was banned under the previously passed [[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.  

When the story was blown open by media outlets in the wake of midterm congressional elections after [[Democrats]] retook the Senate in November 1986. The following week President Reagan 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. Reagan later stated in his autobiography, "until Ed Meese uncovered North's memorandum, I had not heard a whisper about funds being channeled from the Iranian arms shipments to the Contras, and I would have not approved of it if anyone had suggested it to me....Yes, I believed in helping the Contras; ''but no one, including the President, is above the law''." <ref>''An American Life, The Autobiography of Ronald Reagan, pg. 542''</ref>

When the story was blown open by media outlets in the wake of midterm congressional elections after [[Democrats]] retook the Senate in November 1986. The following week President Reagan 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. Reagan later stated in his autobiography, "until Ed Meese uncovered North's memorandum, I had not heard a whisper about funds being channeled from the Iranian arms shipments to the Contras, and I would have not approved of it if anyone had suggested it to me....Yes, I believed in helping the Contras; ''but no one, including the President, is above the law''." <ref>''An American Life, The Autobiography of Ronald Reagan, pg. 542''</ref>

[[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. Hi admitted unapologetically that he had shredded documents to cover up the event, and claimed that his actions were constitutional because "I am a Patriot." [[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. He admitted unapologetically that he had shredded documents to cover up the event, and claimed that his actions were constitutional because "I am a Patriot." [[Caspar Weinberger]] was indicted, and pardoned by [[George H.W. Bush]].   

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