Word: ambrosiano
(lookup in dictionary)
(lookup stats)
Dates: during 1982-1982
Sort By: most recent first
(reverse)
...Calvi's luck soon ran out. In the late 1970s, suspicious of the way in which he was operating in the international money market, the Bank of Italy ordered him to put his confusing array of banks under the single name of Ambrosiano. Some Italians also became nervous about another Calvi acquisition: his purchase of 40% interest in Italy's 73-year-old Rizzoli publishing company and with it a piece of the Milan-based Corriere della Sera, Italy's largest, most respected daily newspaper. Businessmen who were already uneasy about Calvi's connections with...
...have obtained in return remains to be learned. But according to Sindona, the Vatican bank initially received 2.5% of the Bahamian bank's stock. Vatican officials told TIME that the stake in the Bahamian bank eventually rose to 8% and that the church's interest in Banco Ambrosiano Holding in Luxembourg...
...I.O.R., according to Sindona, regularly moved funds out of the country for Banco Ambrosiano, which was restricted from acting on its own by Italian law. Sindona also asserts that in return for such favors, Calvi's banks paid the I.O.R. an interest rate on its deposits that was one percentage point higher than the rate other customers received. Vatican officials flatly deny that the I.O.R. ever helped transfer funds abroad for Italians...
...Sindona's fortunes fell (his Banca Privata Italiana collapsed in 1974, the same year that his American operation fell apart), Calvi's rose. He was named president of Banco Ambrosiano, and acquired more and more companies. The press dubbed the publicity-shy Calvi "God's banker" for his ties to the I.O.R. He became known as the man who had taken over the disgraced Sindona's role as the Vatican's lay financial partner...
Calvi's real problems had begun in 1978, when the Bank of Italy conducted an extensive audit of his financial empire. The examiners noted unorthodox operations and complained that Ambrosiano affiliates were carrying out "all types of operations outside of controls." Ominously enough, the investigators also noted that they could not separate Ambrosiano holdings from Vatican holdings because of the complex interlocking relationships between them...