Vbook on vati an corruption4/9/2023 ![]() In the 1970s, the bank bought a stake in the Italian bank Ambrosiano, which was led by the banker Calvi. Some accounts were rumored to be proxies for the Spatola and Inzerillo crime families." "One internal review estimated there were approximately 9,300 accounts belonging to 'privileged citizens of Italy,' compared to only 2,500 that met the bank's strict rules. "It was not much of a secret that for decades Italy's elite had used the IOR to hide their money," Posner wrote. This secrecy has provided an excellent cover throughout history, as the Vatican moved money here and there to gain illegal profits and power. Laundering money for the Mafia and other Italian eliteīecause of its sovereignty, the Vatican Bank has the ability to withhold account information from regulators and authorities. "If it comes out that you're giving money to Solidarity, there won't be a stone left of St. Roberto Calvi, an Italian banker close to the Vatican Bank, said if the church's role ever came to light, it could lead to another world war and the collapse of the Vatican. The gold was placed in custom-built double bottoms and on the inside of the SUV doors. Marcinkus had an Italian intelligence agent convert $3.5 million in cash into pure gold ingots, then smuggle them into Poland hidden in an SUV. In an effort to fight communism in the 1980s, the Pope authorized the sending of millions in funds to help the Polish resistance, a ten million member organization in Poland called Solidarity. Smugging gold into Poland to overthrow the communist regime The investigation could not come up with enough information to charge Marcinkus or anyone in the Vatican.Ĥ. ![]() When confronted with the accusation in a secret meeting in New York, representatives of the Vatican refused to answer any questions. The then-president of the Vatican Bank, Paul Marcinkus, denied any wrongdoing. The counterfeit bonds would be undetectable unless the Vatican Bank lost money on its investments and was unable to pay back the loans, at which point the Vatican could claim ignorance of an outside scam. In 1973, the U.S Justice Department began looking into a potential role the Vatican Bank played in a counterfeit and stolen securities operation.Īccording to an 18-month FBI investigation, New York mobsters were planning to sell counterfeit corporate bonds and stock certificates to the Vatican, a $900 million payment in five installments over several months.Ī Vatican cardinal planned to use the faked securities as collateral in order to obtain financing. Trying to buy fake securities from a Mafia-linked counterfeit ring ![]() During the war, Nogara began investing in Italian insurance companies which "developed into stakes that profited from the ongoing murder of Europe's Jews," Posner wrote.Ģ. Making money directly off the murder of Jews during the HolocaustĪ German officer admitted to having many war-time spies in the Vatican, one of them potentially being Nogara, the acclaimed and able financial advisor. The quest to hold onto the money and power that followed resulted in shady deals, cover-ups, and scandals within the Vatican.Īmong them, here are some of the craziest schemes revealed in Posner's book. Because it resided in Vatican City, it was exempt from all wartime restrictions and became "the world's best offshore bank." Nogara created the bank, called the Institute for Religious Works, in 1942 t o avoid having financial transactions tracked through Western Banks. As the Allies imposed restrictions on bank accounts, it became harder to move money around. World War II also played a huge role in the creation of the Vatican Bank, as well as the unique power it held. ![]()
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