Word: banco
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...I.O.R., according to Sindona, regularly moved funds out of the country for Banco Ambrosiano, which was restricted from acting on its own by Italian law. Sindona also asserts that in return for such favors, Calvi's banks paid the I.O.R. an interest rate on its deposits that was one percentage point higher than the rate other customers received. Vatican officials flatly deny that the I.O.R. ever helped transfer funds abroad for Italians...
...Sindona's fortunes fell (his Banca Privata Italiana collapsed in 1974, the same year that his American operation fell apart), Calvi's rose. He was named president of Banco Ambrosiano, and acquired more and more companies. The press dubbed the publicity-shy Calvi "God's banker" for his ties to the I.O.R. He became known as the man who had taken over the disgraced Sindona's role as the Vatican's lay financial partner...
...parent bank. During 1978-79 and in 1981, Ambrosiano and its subsidiaries raised about $1.2 billion. In these years the banks lent at least $800 million to low-capitalized shell companies in Panama, Luxembourg and Liechtenstein. The shell companies, in turn, used about $400 million to buy stock in Banco Ambrosiano and other securities. All or part of yet another $400 million appears to have been funneled through these same companies to finance South American deals. By June 1982 the shell companies owed Banco Ambrosiano banks about $1.2 billion-the $800 million they had borrowed plus $400 million in accrued...
...sought ways to help pay off the outstanding loans made by his shell companies. Though he had been convicted of a financial crime, Calvi was still made welcome at the Vatican bank and other banks. Marcinkus' defense is that he was newly reconfirmed as president of Banco Ambrosiano, and the bank's balance sheet was approved at the end of 1981 by the Bank of Italy...
...Calvi fled Italy with a false passport, flying first to Austria, then to England. There, according to the two confidants who were with him, a traveling companion and a longtime business partner, he remained in seclusion in a rented apartment in London's Chelsea section. On June 17, Banco Ambrosiano's board of directors voted to strip Calvi of his powers, and the Bank of Italy appointed a commission to run Ambrosiano. That same day, Graziella Corrocher, 55, Calvi's longtime secretary-who, says Sindona, also kept the books for P2-plunged to her death from...