Reagan and the Hostages

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Here’s something I missed when it first came out a few weeks ago. It turns out that Chase Manhattan Bank was instrumental in getting the Shah of Iran admitted to the United States for medical treatment in 1979, which led directly to the Iran hostage crisis that eventually doomed Jimmy Carter’s presidency. The whole thing was called Project Eagle and was coordinated by Joseph Reed, the chief of staff to the bank’s chairman, David Rockefeller.

But that’s not all. After touching off the hostage crisis, Project Eagle was then redirected to ensuring that they didn’t get released too soon:

After the hostages were taken, the Carter administration worked desperately to try to free the captives….[But] the team around Mr. Rockefeller, a lifelong Republican with a dim view of Mr. Carter’s dovish foreign policy, collaborated closely with the Reagan campaign in its efforts to pre-empt and discourage what it derisively labeled an “October surprise” — a pre-election release of the American hostages, the papers show.

The Chase team helped the Reagan campaign gather and spread rumors about possible payoffs to win the release, a propaganda effort that Carter administration officials have said impeded talks to free the captives.

“I had given my all” to thwarting any effort by the Carter officials “to pull off the long-suspected ‘October surprise,’” Mr. Reed wrote in a letter to his family after the election, apparently referring to the Chase effort to track and discourage a hostage release deal. He was later named Mr. Reagan’s ambassador to Morocco.

This is a conspiracy theory of longstanding—namely that the Reagan campaign tried to prevent the release of the Iranian hostages before Election Day 1980. But according to notes he wrote at the time, it sure sounds like Reed worked closely with Reagan’s people on exactly that. Such patriots.

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Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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