Word: marcinkus
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Dates: during 1969-1969
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Since the president of the institute, 84-year-old Alberto Cardinal di Jorio, plays only a nominal role, Marcinkus is now a key man in Vatican finances...
...beyond share holdings. Not counting the churches and other properties owned by dioceses around the world - which are completely independent of the Vatican's financial control - the value of the Vatican's real estate holdings runs into billions. The Real Estate Department, which is not headed by Marcinkus, owns apartments in Rome plus land in the hills around the city. It has other properties in Europe, South America and the U.S. A third section in the Vatican's financial structure, the Special Administration Department, has handsomely multiplied the $83 million that Mussolini paid in 1929 under...
Papal Advance Man. An unofficial advisory panel of bankers and financiers counsels the Vatican. Among them is Guido Carli, president of the Bank of Italy. By his own admission, Marcinkus needs all the help he can get. A genial and highly popular prelate who studied at Rome's Gregorian University for priests, he is a first-class organizer, but readily confesses: "I have no banking experience." Since 1959, he has been a member of the Vatican Curia-the central administration of the church. He was principal planner and advance man on Pope Paul's foreign trips...
...Marcinkus' new job is not all high finance. The bishop-banker grants subsidies to needy dioceses and disburses the money for the salaries of Vatican employees, from cardinals on down to sacristans. Anyone who resides within the walls of Vatican City is entitled to bank at the institute...
...running this complex, Marcinkus earns something less than $6,000 a year, just about a teller's salary in a New York City bank. He lives in a modest three-room apartment in a residential home for American priests within walking distance of his office in Vatican City. There are, of course, other compensations. Marcinkus does not have to publish any balance sheet, and neither does he have to face the hazards of an annual stockholders' meeting. He is ultimately answerable only to Pope Paul-who, at least until recently, has been answerable only...