The indictment this week of former Defense Secretary Caspar Weinberger in connection with the Iran-Contra scandal has about it the distinct aroma of stale garbage.

Stench No. 1: The indictment came just one day before the expiration of the statute of limitations would have made it impossible to prosecute Weinberger for supposedly lying to Congress.Stench No. 2: Unlike some other figures in the Reagan administration, Weinberger strongly opposed the arms-for-hostages dealing - a point made unmistakably clear by the congressional investigation into Iran-Contra.

Stench No. 3: The special prosecutor claims to discern discrepancies between what Weinberger told Congress and what the former defense secretary said about Iran-Contra in his private notes. But if Weinberger was really intent on hiding some misdeed, why did he give those notes to the Library of Congress when he retired?

Stench No. 4: Scripps Howard News Service reports that the staffers of Lawrence Walsh, the special prosecutor, had to lobby Walsh to get tough with Weinberger.

Stench No. 5: Though public funds are used to prosecute Weinberger, he must either pay for his defense out of his own pocket or rely on help from friends and admirers.

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This sad situation strongly suggests that the special prospector simply does not grasp the distinction between a vigorous but impartial investigation and a political vendetta. As a result, the probe into the Iran-Contra scandal has itself become scandalous. After spending five and a half years plus $30.7 million of the taxpayers' money, it's time for this fishing expedition to put back into port.

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