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I don't think Reagan or his government cronies would have been charged with treason for trying to negotiate the release of American hostages.
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It's against US law to negotiate with another government whom the US does not have diplomatic relations with in an order to bring down the current administration ( in this case to make Carter look bad), that's why it would be treated as treason.
However, once the election had been decided and Reagan was President elect, he was no longer considered to be under mining the current administration. He was within the boundaries of the law to establish ties with whomever he liked....thats part of what transition teams do. They dont just sit around drinking coffee with the White House staff learning what keys open the doors to the Lincoln bedroom and which chef is best at creating pastrami sandwiches.
In the hostage crisis case, Reagan was likely given full authority to negotiate a release from the day after the election, the State Department would be operating under the premise that the incoming President is allowed to re-open diplomatic ties with whomeber he likes, as that is his call. Carter surely would not of prevented it, as he had made it his duty to see them secured alive and well.
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There is no way the Republicans were just sitting idly by watching the Democrats deal with the major issue of the election.
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That's the point actually. They weren't. In fact Carter tried to not engage this issue as a major part of the election but Reagan and more specifcally Casey drove it to the front every chance they got. It was what the voters decided the election on, and as such, Carter could not have been looking like he was interfering with Reagans people whom wanted to open the talks with Iran. The voters had spoken and they wanted the thing ended. Carter couldn't do it, and Reagan could was their response. They were correct.
Just to add...
yes it has been specualted that the Republicans did in fact negotiate with some Iranian folks on some level of gov't before the election, which would be illegal by anyones definition. That doesnt preclude however, in fact it reinforces, that it was Regans people and not Carter that got the thing settled, however nefarious it may have been. Others continue to argue otherwise however, which i find odd.