A Big Bonus for Belly Button

Iran-arms money turns up in an account reserved for Oliver North

The many code names that Lieut. Colonel Oliver North attracted during the Iran-contra affair ranged from the heroic "Good" to the cryptic "B.G." (for "Blood and Guts") to the macho "Steel Hammer." But the most significant, and bizarre, could turn out to be "Belly Button." That improbable monicker was the name for a Swiss bank account containing $200,000 in Iran-arms profits that were set aside for the former National Security Council aide and his family.

News of the account, opened in the name Button, gave yet another twist to the Iran-contra hearings on Capitol Hill. A growing body of evidence indicates...