Banco Ambrosiano

Banco Ambrosiano

Banco Ambrosiano was 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. 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, giving one of the subplots of "The Godfather Part III". Vatican Bank was also accused of funneling covert United States funds to Solidarity and the Contras through Banco Ambrosiano.


*Franco Ratti, chairman.
*Carlo Canesi, senior manager then chairman of Banco Ambrosiano Holding starting from 1965.
*Roberto Calvi, general manager of Ambrosiano since 1971, appointed chairman from 1975 to his death in June 1982.
*Paul Marcinkus, president of Vatican Bank (aka "Istituto per le Opere di Religione"), had been a director of Ambrosiano Overseas, based in Nassau, Bahamas.
*Carlo De Benedetti became deputy-chairman for less than two months, after Roberto Calvi's trial.
*Nuovo Banco Ambrosiano is under Giovanni Bazoli.
*Carlos Guido Natal Coda, head of the Argentine branch of Banco Ambrosiano (Coda was the predecessor of Emilio Massera as Commander-in-Chief of the Argentine Navy) [ Susana Viau and Eduardo Tagliaferro, [ Carlos Bartffeld, Mason y Amigo de Massera, Fue Embajador en Yugoslavia Cuando Se Vendieron Armas a Croacia - En el mismo barco] , "Pagina 12", December 14, 1998 es icon]

Before 1981

The Banco Ambrosiano was founded in Milan in 1896 by Giuseppe Tovini, catholic advocate of Valle Camonica, and was named after Saint Ambrose, the fourth century archbishop of the city. Tovini's purpose was to create a Catholic bank as a counter-balance to Italy's "lay" banks, and its goals were "serving moral organisations, pious works, and religious bodies set up for charitable aims." The bank came to be known as the "priests' bank"; one chairman was Franco Ratti, nephew to Pope Pius XI. In the 1960s, the bank began to expand its business, opening a holding company in Luxembourg in 1963 which came to be known as Banco Ambrosiano Holding. This was under the direction of Carlo Canesi, then a senior manager, and from 1965 chairman.

In 1947 Canesi brought Roberto Calvi into Ambrosiano. In 1971, Calvi became general manager, and in 1975 he was appointed chairman. Calvi expanded Ambrosiano's interests further; these included creating a number of off-shore companies in the Bahamas and South America; a controlling interest in the Banca Cattolica del Veneto; and funds for the publishing house Rizzoli to finance the "Corriere della Sera" newspaper (giving Calvi control behind the scenes for the benefit of his associates in the P2 masonic lodge). Calvi 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 and led to criminal investigations. However, soon afterwards the investigating Milanese magistrate, Emilio Alessandrini, was killed by a left-wing terrorist group, while the Bank of Italy official who superintended the inspection, Mario Sarcinelli, found himself imprisoned on charges that were later dismissed.

After 1981

In 1981, police raided the office of Propaganda Due masonic lodge so they could catch the Worshipful Master Licio Gelli, and found further evidence against Roberto Calvi. Calvi was imprisoned, put on trial, and sentenced to four years in jail. However, he was released pending an appeal, and he kept his position at the bank. Other alarming developments followed: Carlo de Benedetti of Olivetti bought into the bank and became deputy chairman, only to leave two months later after receiving Mafia threats and lack of co-operation from Calvi. His replacement, a longtime employee named Roberto Rosone, was wounded in a mafia shooting incident. The criminal organization responsible for this shooting was the "Banda della Magliana" (Magliana Gang) which had taken over Rome's underworld in the late 1970s, and has been related to various political events of the "anni di piombo" (years of lead).

In 1982, it was discovered that the bank could not account for $1.287 billion. Calvi fled the country on a false passport, and Rosone arranged for the Bank of Italy to take over. Calvi's personal secretary, Graziella Corrocher, left a note denouncing Calvi before jumping from her office window to her death. Calvi himself was found hanging from Blackfriars Bridge in London on June 18.

During July 1982, funds to the off-shore interests were cut off, leading to their collapse, and in August the bank was replaced by the Nuovo Banco Ambrosiano under Giovanni Bazoli. There was much argument about who should take responsibility for losses incurred by the Old Ambrosiano's off-shore companies, and the Vatican eventually agreed to pay out a substantial sum without accepting liability.

In April 1992, Carlo De Benedetti, former deputy chairman of Banco Ambrosiano, and 32 other people were convicted of fraud by a Milan court in connection with the collapse of the bank.en icon "Court Convicts Financier, 23 Others in Billion-Dollar Failure of Italian Bank," "Rocky Mountains News", April 17, 1992 ] Benedetti was sentenced to six years and four months in prison , but the sentence was overturned in April 1998 by the Court of Cassation. ["High court overturns conviction of Olivetti chairman in bank collapse," Associated Press, April 22, 1998 en icon] .

In 1994, former Socialist Prime minister Bettino Craxi was indicted in the Banco Ambrosiano case, along with Licio Gelli, head of Propaganda Due, and former Justice minister Claudio Martelli. [ "Former Italian premier indicted in bank scandal", "The Tampa Tribune", May 13, 1994 en icon] In April 1998, the Court of Cassation confirmed a 12 year sentence for Licio Gelli for the Ambrosiano crash. "Top Italian fugitive Licio Gelli arrested in France," Associated Press, September 10, 1998 en icon]

Clearstream scandal

Just before the media revealed the Ambrosiano scandal, Gérard Soisson, manager of transaction clearing company Clearstream, was found dead in Corsica, two months after Ernest Backes's dismissal from Clearstream in May 1983. Banco Ambrosiano was one of the many banks to have un-published accounts in Clearstream. Backes, formerly the third highest ranking officer of Clearstream and a primary source for Denis Robert's book on Clearstream's scandal, "Revelation$", claims he "was fired because (he) knew too much about the Ambrosiano scandal. When Soisson died, the Ambrosiano affair wasn't yet known as a scandal. (After it was revealed) I realized that Soisson and I had been at the crossroads. We moved all those transactions known later in the scandal to Lima and other branches. Nobody even knew there was a Banco Ambrosiano branch in Lima and other South American countries." [] As of 2005, while the Italian justice has opened up again the investigation concerning the murder of Roberto Calvi, Ambrosiano's chairman, it has asked the support of Ernest Backes, and will investigate Gerard Soisson's death, according to Lucy Komisar. Licio Gelli, headmaster of P2 masonic lodge, and mafioso Giuseppe "Pippo" Calò, are being prosecuted for the assassination of Roberto Calvi.

Roberto Calvi's 1982 murder

Journalist David Yallop believes that Calvi, with the assistance of P2, may have been responsible for the untimely death of Albino Luciani, who, as Pope John Paul I, was planning a reform of Vatican finances. However, Calvi's family maintains that he was an honest man manipulated by others. Their perspective informs Robert Hutchison's 1997 book "Their Kingdom Come: Inside the Secret World of Opus Dei". According to the magistrates who indicated Licio Gelli, P2's headmaster, and Giuseppe Calò for Calvi's murder, Gelli would have ordered his death to punish him for embezzlement of his and the mafia's money, while the mafia wanted to stop him from revealing the way Calvi helped it in money laundering.



*Rupert Cornwell, "God's Banker: The Life and Death of Roberto Calvi", Victor Gollancz Ltd, 1984.
*David Yallop, "In God's Name: An Investigation into the Murder of Pope John Paul I", Corgi, 1987
*Philip Willan, "The Last Supper: the Mafia, the Masons and the Killing of Roberto Calvi", Constable & Robinson, 2007(ISBN 978 1 84529 296 6)

See also

*"Banda della Magliana"

External links

* [ Lucy Komisar about "Revelation$" by Denis Roberts & Ernest Backes]
* [ Links to several newsarticles about the scandal]
*cite news | title=Gelli arrest is another chapter in sordid Vatican bank scandal | publisher=American Atheists | date=1998-09-16 | url=

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