Quote · Stuff You Should Know
Selects: Iran-Contra Affair: Shady in the 80s, Part 2
Where this was said
The Missile Pipeline: Israel, Secord, Ghorbanifar, and Swiss Accounts
At 17:18 · chapter starts 16:30
The first deal was simple: Israel would transfer 508 TOW missiles to Iran and America would quietly replace them. It worked — American hostage Benjamin Weir, a minister held for 16 months by Lebanese terrorists, was released days later. Emboldened, the team cut Israel out and set up their own supply chain. The Department of Defense sold missiles to the CIA for $3,700 apiece; the CIA passed them to Richard Secord at cost; Secord sold them to Ghorbanifar for $10,000 each; Ghorbanifar charged Iran even more. Over more than a year, 2,000 missiles and missile parts moved in 8 shipments. The profits piled up so dramatically — one Swiss account earned $3 million in interest alone — that someone made the obvious suggestion: why not use this money to fund the Contras? Congress won't give it to them, so this effectively solves two problems at once. And that is why it's called Iran-Contra. [1] — Josh Clark "The Pentagon sold missiles to the CIA for $3,700 each. The CIA sold them to Richard Secord at cost. Secord sold them to Iranian middleman G…" 17:18
In the first round of the secret arms deal, 508 TOW missiles were transferred from Israel to Iran in exchange for hostage releases.
The Pentagon sold missiles to the CIA for $3,700 each. The CIA sold them to Richard Secord at cost. Secord sold them to Iranian middleman Ghorbanifar for $10,000 each. Ghorbanifar charged Iran even more. The profit — including $3 million in interest in one Swiss account — was diverted directly to fund the Nicaraguan Contras.
The CIA sold missiles to Richard Secord at cost ($3,700), who then sold them to Iranian middleman Ghorbanifar for $10,000 apiece, who sold them to Iran at an even higher markup.
America secretly transferred 2,000 missiles and missile parts to Iran across 8 separate shipments over just over a year.
America secretly transferred 2,000 missiles and missile parts to Iran in 8 shipments over more than a year. Only 3 of 7 hostages were released. Three more were taken. The net result was zero freed hostages and a full-blown constitutional scandal.
Despite all the missile sales, only 3 of the 7 American hostages held by Lebanese terrorists were ultimately released.
The shell companies and Swiss bank accounts set up for the arms deals made so much money that one account earned $3 million in interest alone.
