Word: bahamians
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...denies it had much to do with either Sindona or Calvi, the I.O.R. eventually became Banco Ambrosiano's fourth-largest stockholder, acquiring over the years at least 794,390 shares, or 1.589% of the bank's stock. A few months after Sindona and Calvi set up the Bahamian bank in 1971, a "Mr. Paul Marcinkus" was listed as a director. "We used his name a lot in business deals," Sindona said. "I told him clearly that I put him in because it helps me get money...
...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 government officials and foreign creditors are arguing that the Vatican bank has at least a moral responsibility to honor the entire debt, since its two top officials signed the letters of patronage...
...press spokesman, the normally sedate Michael Shea, called the peeping Tom photographs "the worst sort of taste." It seems the prying paparazzi of the British press offended the royal family by capturing the straw-hatted Diana, Princess of Wales, vacationing on a Bahamian beach. The telephoto-lens pictures, taken by enterprising photographers from a nearby beach, were plastered all over the Sun, Britain's largest selling daily, and the Daily Star. It was a picture of a standing Diana in a strapless bikini, revealing her gently rounded royal tummy, that offended regal sensibilities most. The next...
Such close encounters on the high seas have caused many skittish yachtsmen to arm themselves before sailing in Bahamian waters, despite the authorities' insistence that there is no cause for concern. But there is no denying that the drug trade is booming in the small cays. Says Skip Nichols, 33, a Fort Myers marina operator: "Right where Kalia III was found, I have watched drug transactions with my binoculars." There are so many isolated cays-at least 2,000 among the 700 or so islands in the Bahamas archipelago-that the traffic is difficult to police. But some spots...
Many Florida-based yachtsmen accuse Bahamian authorities of being reluctant to act against the smugglers for fear of jeopardizing tourism. This is denied by Bahamian officials, who insist that the islands remain a peaceful playground for yachtsmen. Still, warns Skip Nichols, "If you're not careful, you can get run over by those high-powered drug boats...