Word: banca
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This month a federal grand jury in Atlanta is expected to hand up indictments in connection with almost $3 billion in unauthorized loans funneled to Iraq through the local branch of the Rome-based Banca Nazionale del Lavoro. Although the individual credits themselves were not forbidden, their sum total violated state and federal banking regulations, as well as those of the home bank in Italy. Federal investigators are reportedly trying to ascertain if BNL Atlanta extended a credit to a British-based company accused of trying to procure for Iraq elements of a triggering device for an atom bomb...
...mind as his first target. Baghdad already had in place a network of front organizations around the world that purchased materials for ballistic surface-to-surface missiles, chemical weapons and satellites. The Iraqis had even secured $3 billion in unauthorized loans from the Atlanta branch of Italy's Banca Nazionale del Lavoro to finance the purchase of industrial products in the U.S. The Iraqis also possessed about 25 lbs. of enriched uranium salvaged from the Osirak nuclear reactor, which was destroyed by Israeli warplanes in a surprise raid in June...
...lending scheme that apparently took place on a branch manager's home computer in Georgia has grown into Italy's biggest banking scandal in years. Last week the disgrace claimed the two top officers of Italy's largest bank, the state-owned Banca Nazionale del Lavoro. Chairman Nerio Nesi, 64, and Director General Giacomo Pedde, 62, resigned after the bank's board heard the results of an initial probe into a scam in which the bank's Atlanta branch gave $2.6 billion worth of unauthorized export credits to Iraq to buy machinery and agricultural goods...
...clearest indications has been the transformation of IRI, a vast state-run conglomerate that dates back to Mussolini. The 1,079 firms in IRI's portfolio include Alfa Romeo, Alitalia airline and Banca Commerciale Italiana, the country's second-largest bank. While this leviathan was losing nearly $2 billion a year, previous governments had been reluctant to touch it. Craxi encouraged IRI's new president, Romano Prodi, to take bold action. He promptly laid off 47,000 unionized workers and raised more than $3 billion by selling all or part of 35 companies and other holdings...
...federal prison in Otisville, N.Y., for fraud in connection with the 1974 collapse of Franklin National Bank. He bought control of the Long Island-based bank and allegedly siphoned off $15 million from it. In Italy, Sindona faces fraud charges resulting from the 1974 failure of his Banca Privata Italiana, part of a financial empire once estimated to be worth $450 million. He has also been accused of ordering the 1 979 murder of Giorgio Ambrosoli, a lawyer appointed to liquidate Banca Privata Italiana. Even if Sindona is convicted in Italy, he must return to the U.S. and complete...