Reagan deal exposed, reported by Daniel Pipes.
Sep. 6, 2011 update: The 9th edition of Rise to Globalism: American Foreign Policy Since 1938(Penguin Books, 2011) is out and the offending passage remains there, on p. 301:
Actually, Reagan had made a private deal with Khomeini. If the Iranians would hold the hostages until after the election, the new Reagan administration would pay ransom for them in the form of arms for Iran. Khomeini badly needed the weapons for his war with Iraq, so the deal was struck.
I asked Douglas Brinkley about this. He informs me "That edition was long in the bag and we'll ensure the change is in the next edition."
That should shut up the Americans that applaud Ronald Reagan, another celebrity president.