Word: vagnozzi
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Egidio Cardinal Vagnozzi...
...largest and most reticent organizations, the Vatican. Partly to dispel such speculation, the Holy See has now chosen to lift some of the secrecy covering its investments. Journalist Paul Home, a Rome-based U.S. financial correspondent, was allowed over a period of 18 months to interview Cardinal Vagnozzi and other men who administer the church's temporal wealth. Home's report, in this month's Institutional Investor, a magazine that is highly regarded among professional money managers, tells much about how the Vatican handles-and is diversifying-its investments...
...Vatican's holdings, Home concludes, are much less than the usual inflated estimates. Cardinal Vagnozzi dismissed as "wild" one common guess that the total is $5 billion, and suggested that $500 million would be "closer, but still far from the mark." By extrapolating figures filed by the Vatican a few years ago in claiming an Italian tax exemption, Home cautiously suggests that the Vatican's portfolio of investments in Italian stocks "could be estimated at something like $140 million." The figure may-or may not-include investments managed by the Institute for Religious Works, which is the Vatican...
Division of Three. The Vatican has been diversifying its investments for more than a year (TIME, Nov. 28, 1969). "The trend is now to avoid maintaining controlling stocks in companies in which we invest, as was sometimes done in the past," Cardinal Vagnozzi told Home. "Today there are no more companies controlled by the Vatican. An important reason is that the Vatican simply cannot afford primary responsibility for business failures requiring transfusions of capital." The church has also been reducing its holdings in real estate, and transferring them into securities. Added the cardinal: "We want to improve investment performance-balanced...
Under a reorganization brought about by Pope Paul, responsibility for the church's finances has been divided in three. Cardinal Vagnozzi, a onetime apostolic delegate in Washington, coordinates all investments and economic projects. Archbishop Giuseppe Caprio manages the administration of the Patrimony of the Holy See, which, among other things, oversees the Vatican's payroll and supervises an investment staff of 15 lay and clerical experts. Bishop Paul Marcinkus, who is from Cicero, Ill., directs the Institute for Religious Works, which provides a full range of hanking services...