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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...

Author: /time Magazine | Title: Italy: The Great Vatican Bank Mystery | 9/13/1982 | See Source »

...That audit proved to be inconclusive, but it led to a second, completed earlier this year, that uncovered $1.2 billion in unsecured lending. Calvi was buying up Ambrosiano stock, possibly using money borrowed on international financial markets by Ambrosiano and its subsidiaries, in an attempt to strengthen his grip on the parent bank. During 1978-79 and in 1981, Ambrosiano and its subsidiaries raised about $1.2 billion. In these years the banks lent at least $800 million to low-capitalized shell companies in Panama, Luxembourg and Liechtenstein. The shell companies, in turn, used about $400 million to buy stock...

Author: /time Magazine | Title: Italy: The Great Vatican Bank Mystery | 9/13/1982 | See Source »

...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...

Author: /time Magazine | Title: Delving Deeper | 8/9/1982 | See Source »

...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...

Author: /time Magazine | Title: Scandal at the Pope's Bank | 7/26/1982 | See Source »

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...

Author: /time Magazine | Title: Scandal at the Pope's Bank | 7/26/1982 | See Source »

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