Word: ambrosiano
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While in Europe, Gurwin dug into the scandalous transactions of Italy's Banco Ambrosiano, a story that in 1983 won him an Overseas Press Club Award and produced a book, The Calvi Affair. Returning to the U.S. as a free-lancer in 1988, Gurwin helped break another banking scandal, this one involving the Bank of Credit and Commerce International, or B.C.C.I. His exposa spurred a major federal investigation and led to another book, False Profits (1992), written with Peter Truell. We persuaded him to bring his talents to TIME last June...
Italy's biggest postwar financial scandal brought down an industrial titan when Carlo De Benedetti, chairman of Olivetti, was sentenced to six years and four months in prison for complicity in the 1982 collapse of Banco Ambrosiano, Italy's largest private bank. He promises an appeal...
France's Credit Agricole, the world's 10th largest bank, has also declared its intention to expand Europe-wide but is taking its time. The bank last year bought a 13% share in Nuovo Banco Ambrosiano of Italy and is said to be scouting elsewhere. Other French banks are more hesitant. Both Credit Commercial and venerable Societe Generale have decided not to extend retail- banking networks outside their home territory. "The practice of offering universal banking services seems to us to be limited to the national territory," says Societe Generale chairman Marc Vienot. Abroad, "we plan to find niches...
ARREST WARRANT NULLIFIED. For Archbishop Paul Marcinkus, 65, head of the Vatican Bank who had been charged by Italian authorities as an "accessory to fraudulent bankruptcy" in the 1982 collapse of Banco Ambrosiano, Italy's worst postwar banking scandal; by the country's highest tribunal, the Court of Cassation; in Rome. In voiding arrest warrants for the Cicero, Ill.-born prelate and two senior Vatican bank officials, the court ruled that the 1929 Lateran Treaty, which recognizes Vatican City as a sovereign state, protects "central bodies" of the church from "every interference" by the Italian government...
...entourage, and for 17 years served as a papal advance man. In 1970 Marcinkus used his 6-ft. 4-in. frame to thwart a knife attack on Pope Paul VI in Manila. The Archbishop was once thought to be on the Vatican fast track, but after the Ambrosiano affair his rapid career advancement came to a stop. He was not named a Cardinal as anticipated and did not rise to become President of Vatican City, another post that he was expected to receive. He has not been the advance man on papal trips since...