Nobody stepped up to answer my question: "What exactly was the Iran Contra Scandal all about?"

In the meantime, I've answered my own question with the help of Wikipedia.

Ronald Reagan, the man being so eloquently eulogized, sold weapons to Iran in violation of U.S. and international law. He diverted the proceeds of that sale to fund known drug traffickers in the attempted overthow of Nicaragua's democratically elected government, also in violation of U.S. and international law.

Reagan denied involvement, however according to the article linked above, his January 1, 1986 diary entry stated, "I agreed to sell TOWs to Iran."

No legal action was ever taken against him. In fact, some of the parties involved, i.e. John Poindexter and Colin Powell, are still active in government under the new administration.

R.I. Hell, Ronnie.