Solidarity (Catholic Theology) - Criticism and Controversy - Banco Ambrosiano Scandal

Banco Ambrosiano Scandal

Pope John Paul was alleged to have links with Banco Ambrosiano, an Italian bank which collapsed in 1982. At the centre of the bank's failure was its chairman, Roberto Calvi and his membership in the illegal Masonic Lodge Propaganda Due (aka P2). The Vatican Bank was Banco Ambrosiano's main shareholder, and the death of Pope John Paul I in 1978 is rumoured to be linked to the Ambrosiano scandal.

Calvi, often referred to as "God's Banker", was also involved the Vatican Bank, Istituto per le Opere di Religione, in his dealings, and was close to Bishop Paul Marcinkus, the bank's chairman. Ambrosiano also provided funds for political parties in Italy, and for both the Somoza dictatorship in Nicaragua and its Sandinista opposition. There are also rumours that it provided money for Solidarity in Poland. It has been widely alleged that the Vatican Bank funded Solidarity.

Calvi used his complex network of overseas banks and companies to move money out of Italy, to inflate share prices, and to secure massive unsecured loans. In 1978, the Bank of Italy produced a report on Ambrosiano that predicted future disaster. On 5 June 1982, two weeks before the collapse of Banco Ambrosiano, Calvi had written a letter of warning to Pope John Paul II, stating that such a forthcoming event would "provoke a catastrophe of unimaginable proportions in which the Church will suffer the gravest damage." On 18 June 1982 Calvi's body was found hanging from scaffolding beneath Blackfriars Bridge in the financial district of London. Calvi's clothing was stuffed with bricks, and contained cash valued at US$14,000, in three different currencies.

Read more about this topic:  Solidarity (Catholic Theology), Criticism and Controversy

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