Word: ambrosiano
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Dates: during 1982-1982
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...suicides, both of which could conceivably be murder. As much as $1.2 billion in unsecured loans. The failure of Italy's huge Banco Ambrosiano, which has left more than 200 international financial institutions holding the bag for millions in loans. A scandal that has threatened the stability of the entire international banking system and has begun to bring about subtle changes in the way the world's major banks do business. A secret plot to undermine the government of Italy and to change the shape of politics in several Latin American countries...
...regular business dealings with the Vatican. No others need apply. The bank's assets are thought to be modest by international standards. For that reason, the scandal is especially threatening to the I.O.R.: Italian authorities say the bank may be liable for much of the millions the Banco Ambrosiano Group owed to international banks...
...Italian authorities, who have indicated that Marcinkus could ultimately be charged. Serious questions are also being raised about his judgment and competence, specifically about his willingness to let the Vatican bank and its good name be used by international wheeler-dealers. At least eleven other official inquiries into Banco Ambrosiano's affairs are under way, in Italy, Britain, Switzerland, Luxembourg, the Bahamas and Peru. As those investigations stumble forward, the archbishop's once promising career is endangered, and the affair threatens to become an embarrassment for Pope John Paul...
...Panamanian companies were the ultimate recipients of between $1.2 billion to $1.4 billion raised in the Euromarket by Banco Ambrosiano and two of its subsidiaries. The firms, presumably under orders from Calvi, subsequently used some of the borrowed funds to buy up perhaps as much as 10% of the stock of Banco Ambrosiano. The missing funds were discovered during a special audit of the bank's books...
While Italian officials tried to untangle Vatican ties to Banco Ambrosiano, about 200 of the bank's European creditors gathered in London last week to salvage what they could of the loans taken out by the bank. Half of the $1.2 billion to $1.4 billion has been guaranteed by seven Italian banks, and will apparently be repaid. The other half, though, is owed to creditors by Ambrosiano's subsidiaries in Nassau and Luxembourg. But the Luxembourg affiliate has been declared in default, and operations by the Bahamian subsidiary have been suspended by banking authorities in that country. Italian...