Word: vaticans
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Bernardin's new domain is also one of the church's most demoralized. Long before the Second Vatican Council, the archdiocese led the nation in liturgical and pastoral innovations, social action and intellectual debate. But that spirit waned under the conservative leadership of John Cardinal Cody, who was archbishop from 1965 until his death last April. Cody was an old-style autocrat who alienated large groups of Catholics. He spent diocesan money, closed inner-city schools and reassigned priests with little or no consultation. In later years he became increasingly isolated from his clergymen, nuns and laity...
...Rochemont, 78, executive producer of 'The March of Time," for 17 years the most popular documentary film series in the U.S.; of kidney failure and pneumonia; in Flemington, N.J. De Rochemont was credited with some of M.O.T.'s most memorable films, including The Story of the Vatican, the first full-length feature on the papal state made with the sanction of the Holy...
...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 for Religious Works. Earlier, the Vatican's top banker...
...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...
While Italian officials tried to untangle Vatican ties to Banco Ambrosiano, about 200 of the bank's European creditors gathered in London last week to salvage what they could of the loans taken out by the bank. Half of the $1.2 billion to $1.4 billion has been guaranteed by seven Italian banks, and will apparently be repaid. The other half, though, is owed to creditors by Ambrosiano's subsidiaries in Nassau and Luxembourg. But the Luxembourg affiliate has been declared in default, and operations by the Bahamian subsidiary have been suspended by banking authorities in that country. Italian...