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Oliver North came into the public spotlight as a result of his participation in the Iran-Contra affair, a political scandal of the late 1980s, in which he claimed partial responsibility for the sale of weapons via intermediaries to Iran, with the profits being channeled to the Contras in Nicaragua.
He was reportedly responsible for the establishment of a covert network used for the purposes of aiding the Contras.
U. S. funding of the Contras by appropriated funds spent by intelligence agencies had been prohibited by the Boland Amendment.
Funding was facilitated through Palmer National Bank of Washington, D. C.
It was founded in 1983 by Harvey McLean, Jr., a businessman from Shreveport, Louisiana.
It was initially funded with $ 2. 8 million dollars to McLean from Herman K. Beebe.
Oliver North supposedly used this bank during the Iran-Contra scandal by funneling money from his shell organization, the " National Endowment for the Preservation of Liberty ", through Palmer National Bank to the Contras.

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