Word: calvi
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Dates: during 1980-1989
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...biggest Italian bank scandals of modern times last week got bigger. Struggling to unravel the mystery surrounding $1.2 billion to $1.4 billion missing from Milan's Banco Ambrosiano, Italy's eleventh largest bank, and the apparent suicide in June of its president, Roberto Calvi, Italian authorities tried to serve notice on three of the top officials of the Vatican bank that they were under investigation for possible bank fraud. Among them was American-born Archbishop Paul Marcinkus, 60, the president of the bank, which is officially known as the Institute per le Opere di Religione (I.O.R.), or Institute...
...specific focus of the probe remains a matter of speculation. But Vatican observers believe that it involves evidence of a plot, in which the deceased Calvi may have been implicated, to transfer a large amount of Banco Ambrosiano's stock outside of Italy, in secret, where Calvi could have control of it but not have "to worry about the scrutiny of Italian banking authorities. The investigation is also looking into Calvi's use of the Vatican bank in the scheme, especially Marcinkus and Mennini's agreement to issue certain "letters of patronage" for Calvi. Such letters...
...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...
...weeks ago, three officials appointed by the Bank of Italy to take over Banco Ambrosiano's affairs after Calvi's death visited Marcinkus at his Vatican Bank headquarters. The archbishop told them that he had only done what Calvi had requested. He then showed the officials out the door, saying that he was not required to answer questions by Italian authorities, who have no jurisdiction over the bank because it is located in Vatican City...
Even before the Banco Ambrosiano affair, though, Marcinkus had been touched by financial scandal. In 1973 Italian-American Financier Michele Sindona sold two companies to Calvi for what was considered the greatly inflated price of $100 million. According to Giorgio Ambrosoli, the court-appointed liquidator of the Sindona empire at the time, Sindona paid a $5.6 million commission as part of the deal to "an American bishop and a Milanese banker." Official Italian sources have confirmed that Ambrosoli was refer ring to Marcinkus and Calvi. It is still not clear why the two allegedly received this money...