Word: ior
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Dates: during 1980-1989
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...Vietna, War, race relations, and other such topics. Nothing on the order of those disturbances now threatens free speech--at least openly. But try, at dinner or in a section, to start an argument against divestiture, or for U.S. military involvement in EI Salvador, or in favor of Reagan--ior against affirmative action, for that matter...
...began to grow, Francis Spellman, an American bishop then living in Rome, urged Eugenic Pacelli, the Vatican Secretary of State and later Pope Pius XII, to set up a modern stock portfolio to manage the funds better. After Pacelli became Pope, he decided to set up a bank. The IOR, established in 1942, served to shield some Vatican money from war-torn Europe...
Secrecy breeds suspicion, and the Vatican's investments have caused serious questions over the years. In the mid-1960s, the IOR was discovered to have invested in firearms dubious concerns for a church. Examples: an Italian firearms factory and a Canadian pharmaceutical company that manufactured contraceptives...
These change prompted Pope Paul VI in 1969 to make the first major change in the interest investment policy. He liquidated its controlling interest in many Italian firms and shifted several million dollars in proceeds into the IOR...
...seek advice on ways to invest this new cash, the IOR called on its lay financiers, like Michele Sindona, who urged the Pope's bank to invest in many of his deals. When Sindona's empire collapsed in 1974 with the failure of New York's Sin National Bank, the Vatican lost an estimated $70 million. Sin dona is serving a 25-year prison sentence...