Word: italian
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Dates: during 1960-1969
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Died. Vincent Sardi Sr., 83, the stage-struck Italian immigrant who in 1921 founded Sardi's Restaurant, Broadway's celebrated theatrical rendezvous; of pulmonary thrombosis; in Saranac Lake, N.Y. A warmhearted and generous friend of everyone theatrical, Sardi played host to all the stars-Garbo, the Barrymores, Katharine Cornell-and made certain that they dined undisturbed by autograph seekers; the young hopefuls lived on Sardi's credit; plays were conceived and cast at the crowded tables; and on opening night, Sardi's was where everyone anxiously awaited the critics' reviews. As Dennis King once...
...Vatican sold Sindona the bulk of its 15% interest in Italy's largest real estate firm, Società Generale Immobiliare (assets: $175 million), which has not only dotted postwar Italian cities with tower apartments but erected similar projects in Montreal, Mexico City and Washington, D.C., including the capital's most In address, Watergate. When word of the sale leaked out, jitters swept the Milan stock market; brokers feared that a liquidation of Vatican securities holdings might depress stock prices generally. Italian newspapers speculated that the Vatican was pulling its money out of Italy to avoid paying a dividend...
Escaping the Onus. Actually, the sale of Immobiliare reflected the Pope's decision that church control of major Italian companies had become a liability. The Vatican owns some $200 million worth of stock in Italian firms. The church until recently either controlled or owned a substantial part of at least a dozen important enterprises, including cement-making Italcementi, paper-manufacturing Cartiere Burgo, pasta-making Molini Biondi and Vianini, a major engineering firm. The investments provide a handsome income to help defray the huge cost of running the papal establishment. But social unrest is growing in Italy. Anxious to align...
Rearranging the Portfolio. Moneymen expect that it will take the Vatican some time to shed all of its unwanted stock holdings. The church has retained a small number of Immobiliare shares, but recently sold its controlling interest in Italiana Condotte Acqua, a major construction firm, to a leading Italian holding company, Bastogi...
...Vatican's income high while rearranging its portfolio. Accordingly, financial men expect the church to invest more funds outside Italy than it has in the past. By adopting a low domestic profile as a capitalist, the Pope hopes in time to erase the "Vatican satellite" image from Italian companies...