Word: marcinkus
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...scandal has also brought a wave of unwelcome attention to the Vatican bank's American-born president, Archbishop Paul Marcinkus. So far no one has openly accused Marcinkus of any illegal acts. But he is one of three Vatican officials under investigation by 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...
...stand is to put pressure on the Vatican to bring its bank into line with Italian banking regulations. The Bank of Italy has long been resentful of the I.O.R.'s status as an unregulated "offshore," or foreign, bank in the heart of the country. In addition, Archbishop Marcinkus and his two principal lay assistants, Managing Director Luigi Mennini, 71, and Chief Accountant Pellegrino de Strobel, 70, are under investigation by Italian authorities in connection with the possibly fraudulent bankruptcy of Banco Ambrosiano...
...Vatican, citing its status as a sovereign state, has so far declined to cooperate with the Italian authorities, and Marcinkus has remained inside the Vatican, where he cannot be questioned by the government. But Agostino Cardinal Casaroli, the Vatican's Secretary of State, has named three respected international bankers, all prominent Catholic laymen, to examine the I.O.R.'s role in the scandal.* Casaroli has pointedly not suggested that Marcinkus did anything illegal. At the same time, however, the Archbishop of Florence, Giovanni Cardinal Benelli, a former Vatican Under Secretary of State, has told the Italian magazine Il Sabato...
...impoverished Lithuanian parents who immigrated to Cicero, Ill., Archbishop Marcinkus had enjoyed a steady rise in the Vatican hierarchy before the scandal broke. After taking a degree in canon law at Rome's Pontifical Gregorian University, Marcinkus joined the Vatican's State Secretariat in 1952 and soon caught the eye of Archbishop Giovanni Battista Montini, who was to become Pope Paul VI in 1963. The new Pontiff made the tall (6 ft. 3 in.), burly American cleric part of an intimate circle of papal advisers. In 1964 the Pontiff selected Marcinkus, a born organizer, to be his advanceman...
...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 are sometimes used by banks to attest to the financial credentials of a borrower. The Vatican bank wrote letters of patronage at Calvi's request, saying the I.O.R. had controlling interest in about...