Word: ambrosiano
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Dates: during 1982-1982
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...wake of Calvi's death, a number of his associates reportedly fled Italy for South America and took large sums of money with them. Flavio Carboni, the business partner who had met with Calvi in London, was arrested in Switzerland. An Ambrosiano attorney says "many millions of dollars" were transferred to Carboni's Swiss accounts by Calvi some months before the trip to London...
...circumstances of Calvi's demise are only one of the unsolved mysteries in the Ambrosiano scandal. Among the others...
...much of Banco Ambrosiano does the I.O.R. really own? Italian financial sources suggest that I.O.R. ownership may run as high as 10%. Vatican officials insist that the figure is exaggerated, but have left open the possibility that the Vatican bank's ownership may exceed the officially reported...
...What is the Vatican bank's liability in the Banco Ambrosiano failure? The I.O.R. could find its creditworthiness undermined if it refuses to help make up the losses. Italian officials expect the Vatican to pay part of the losses...
...risk international finance? Pope Paul VI, feeling that the church should not only be poor, but be "seen to be poor," moved in 1969 to adopt a lower financial profile by relinquishing the church's controlling interests in Italian companies and shifting to investments outside Italy. Through the Ambrosiano scandal, Marcinkus has clearly raised the church's profile...