Word: ambrosiano
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...very center of the scandal is Archbishop Paul C. Marcinkus, the American-born president of the Institute for Religious Works, the so-called Vatican Bank. Investigators now know that Marcinkus played a part, perhaps unwittingly, in a huge loan scheme that could bring down the Milan-based Banco Ambrosiano, Italy's eleventh largest bank...
Last week the Vatican took the unprecedented step of appointing three international financial experts to examine the dealings between the Vatican Bank and the Banco Ambrosiano. They were Joseph Brennan, 71, chairman of the executive committee of New York City's Emigrant Savings Bank; Phillippe de Week, former president of the Union Bank of Switzerland; and Carlo Cerutti, vice president of the Italian national telecommunications holding company. The appointment of the committee is the Vatican equivalent of naming a special prosecutor in the case, and it marked the first time that the Roman Catholic Church had ever opened...
...scandal began to unfold in May, when a special audit at the Banco Ambrosiano uncovered $1.4 billion in questionable loans that had been made to paper corporations based in Panama. The companies, it appears, were controlled by Roberto Calvi, the bank's president...
Just after the Banco Ambrosiano audit was completed last month, Calvi fled to England. Several days later, his body was found suspended by a rope from Blackfriars Bridge over the Thames River. In the pockets of his expensive gray suit was $20,000 in foreign currencies. Italians quickly noted the symbolism of the location: members of the P2 Lodge dress in black and call one another friar...
DIED. Roberto Calvi, 62, scandal-plagued president of Milan's Banco Ambrosiano, Italy's largest privately owned bank, in whose subsidiaries a shortfall of $1.4 billion was discovered; of strangulation; in London. Calvi, who started 37 years ago as a clerk and went on to become one of Italy's leading financial operators, was nicknamed "God's Banker" because of the Vatican's substantial dealings with the Banco Ambrosiano. At the time of his death, he was appealing a four-year sentence for illicitly exporting $26.4 million in violation of Italian currency laws...