One of the central questions of the 2009 Iranian Presidential Election crisis has been the role of the Islamic Revolutionary Guard Corps (IRGC). This article argues that what we are witnessing goes beyond the institution of the IRGC to the unmasking of a new faction in Iranian politics, which has been overtly (through elections) and covertly (through penetration of state institutions and the economy) transforming power in the Islamic Republic of Iran since at least 2003.