First, let me say I take full responsibility for my own actions and for those of my administration. As angry as I may be about activities undertaken without my knowledge, I am still accountable for those activities. As disappointed as I may be in some who served me, I’m still the one who must answer to the American people for this behavior. And as personally distasteful as I find secret bank accounts and diverted funds—well, as the Navy would say, this happened on my watch.

Let’s start with the part that is the most controversial. A few months ago I told the American people I did not trade arms for hostages. My heart and my best intentions still tell me that’s true, but the facts and the evidence tell me it is not. As the Tower board reported, what began as a strategic opening to Iran deteriorated, in its implementation, into trading arms for hostages. This runs counter to my own beliefs, to administration policy, and to the original strategy we had in mind. There are reasons why it happened, but no excuses. It was a mistake. . . .

Now, another major aspect of the Board’s findings regards the transfer of funds to the Nicaraguan contras. The Tower board wasn’t able to find out what happened to this money, so the facts here will be left to the continuing investigations of the court-appointed Independent Counsel and the two congressional investigating committees. I’m confident the truth will come out about this matter, as well. As I told the Tower board, I didn’t know about any diversion of funds to the contras. But as President, I cannot escape responsibility.

Much has been said about my management style, a style that’s worked successfully for me during 8 years as Governor of California and for most of my Presidency. The way I work is to identify the problem, find the right individuals to do the job, and then let them go to it. I’ve found this invariably brings out the best in people. They seem to rise to their full capability, and in the long run you get more done. . . .

Now, what should happen when you make a mistake is this: You take your knocks, you learn your lessons, and then you move on. That’s the healthiest way to deal with a problem. This in no way diminishes the importance of the other continuing investigations, but the business of our country and our people must proceed. I’ve gotten this message from Republicans and Democrats in Congress, from allies around the world, and—if we’re reading the signals right—even from the Soviets. And of course, I’ve heard the message from you, the American people. You know, by the time you reach my age, you’ve made plenty of mistakes. And if you’ve lived your life properly—so, you learn. You put things in perspective. You pull your energies together. You change. You go forward.

Source: “Address to the Nation on the Iran Arms and Contra Aid Controversy,” March 4, 1987, http://www.pbs.org/wgbh/americanexperience/features/primary-resources/reagan-iran-contra.