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The slogan “Reagan Knew and Forgot” is associated with the Iran-Contra scandal during Reagan’s presidency. The scandal came about in November, 1986 when Reagan negotiated the sale of arms to Iran in exchange for the release of the seven American hostages that were being held in Lebanon. The Iranian group that was holding the hostages was connected with the Army of the Guardians of the Islamic Revolution. Arms were supplied to Iran from August 20, 1985-October 28, 1986.
Although some of the hostages were released, three more Americans were abducted in October, 1986. It is not clear what Reagan’s role was in the scandal, but the situation affected his popularity and his approval ratings dropped from 67% to 46%. Furthermore, the scandal severely damaged the United State’s reputation abroad. There were several investigations and indictments as a result of the scandal, however George H. W. Bush, at the end of his presidency, ultimately pardoned all of those indicted or convicted.