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Events on Tuesday 14 July 1987 1
1987Oliver North testifies in Iran-Contra hearingsCongressional hearings expose secret US arms-for-hostages dealLieutenant Colonel Oliver North testified before Congress about the secret sale of arms to Iran and the diversion of funds to Nicaraguan Contra rebels. The televised hearings revealed a covert Reagan-administration operation that violated a congressional arms embargo. The scandal damaged the credibility of the Reagan presidency.