Stuff You Should Know

Podbit · Stuff You Should Know

Selects: Iran-Contra Affair: Shady in the 80s, Part 1

Explore episode Aug 8, 2026

Where this was said

The Enterprise: An Illegal Arms Company at the White House's Service

At 34:30 · chapter starts 32:04

The Contras had $32 million but no way to spend it — they lacked the black market contacts to buy weapons. Oliver North turned to Richard Secord, a retired Air Force Major General who had been forced out of the service because of his connection to CIA operative Edwin Wilson, himself later sentenced to 52 years for arming Libya with 10,000 machine guns and 20 tons of C4. Secord partnered with Iranian-American businessman Albert Hakim to create the Stanford Technology Trading Group — universally known as the Enterprise — a private arms company using Swiss bank accounts to move untraceable funds. Secord and Hakim marked up every shipment by up to 300%, reinvesting profits into planes, airstrips, staff, and contracted airlines. As the south Nicaraguan Contra faction proved unable to manage its own procurement, North moved Secord into the role of direct manager: buying the arms himself, then dropping them from planes over Contra camps. Any remaining pretense of arm's-length legality evaporated.

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