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If I am not mistaken the hostages were not released untill the day President Reagen took office, as they knew President Carter would not do anything to them. But were afraid Pres. Reagen would launch a massive attack as soon as he was sworn in. Pretty much they were thumbing their nose at Pres. Carter.
I know that was the narrative, but it probably has more to do with the fact that on the day of the inauguration, the U.S. freed up nearly $3 billion in Iranian assets that had been frozen and promised another $5 billion more in aid.