Word: banco
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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...
...have 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...
...hanging from London's Blackfriars Bridge, his toes just touching the surface of the muddy Thames. The dead man's pockets contained some $13,000 in various currencies, as well as 12 lbs. of bricks and stones. He was identified as Roberto Calvi, 62, the president of Banco Ambrosiano of Milan, the largest private banking group in Italy, with operations in 15 countries. Authorities in Italy, in the Vatican and throughout the international banking community were stunned by the news. Calvi, who had disappeared mysteriously from Italy a week earlier, was the architect of a financial house...
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...