German Lawyer To Head Vatican Bank

Tyler Durden's picture

A German pope may be vacating the Vatican but a German lawyer is about to head its bank, an institution some say is as important if not more, and whose shady dealing some say may have been the reason for the pope premature departure. Per Reuters, "The Vatican appointed German lawyer Ernst von Freyberg to be the new president of its bank on Friday, filling a post left vacant since May when the previous head was ousted from the scandal-tainted institution. The appointment was made by a commission of cardinals and approved by Pope Benedict and is likely to be one of his last major decisions before he resigns at the end of the month. The Vatican has been trying to shed a reputation for a lack of financial transparency at the bank, officially known as the Institute for Works of Religion (IOR), but has been dogged by scandals for decades." And no, apparently he does not work for Goldman.


A Vatican statement said Freyberg brought "a vast experience of financial matters and the financial regulatory process." Born in 1958, he is on the advisory board of temporary employment agency Manpower GmbH and of asset management firm Flossbach von Storch AG.


In May, the board of the IOR unanimously passed a no confidence motion against then head Ettore Gotti Tedeschi, an Italian.


Like Gotti Tedeschi, the new bank chief is a devout Catholic.


The Vatican said some 40 people from around the world were considered for the post.


Vatican spokesman Father Federico Lombardi, in answer to a question at a news briefing, said Freyberg was not a personal friend of the pope's.

Von Freyberg's bio as reported by Bloomberg:

Mr. Ernst von Freyberg is the Co-Founder and Managing Director of DC Advisory Partners GmbH. Ernst von Freyberg worked for Three Cities Research, Inc., an investment company forming part of the Bemberg Group, in New York and London from 1988 to 1991, before co-founding DC Advisory Partners. He is a member of various supervisory boards including Deutsche Malteser gGmbH, Flossbach & von Storch AG and Magirus AG. Mr von Freyberg has qualified as a lawyer

And from Spiegel, google translated:

Freyberg, 54, is among other merger adviser, Lord of the Manor and Knight of the Sovereign Military Order. The consulting firm DC Advisory lists him as authorized to represent president . Freyberg lives according to Radio Vatican in Frankfurt, the Vatican, but assumes that the financial professional in the future will spend several days a week in Rome.


Freyberg to improve the reputation of the Vatican Bank. The Institute with the official name Institute for Works of Religion (IOR) is always find yourself back in the criticism . He is accused for a long time, not doing enough to combat money laundering. For years, urging the European and the national supervisory authority of the Pope, the bankers to apply the prescribed rules for all EU institutions also behind the Vatican walls.


Especially anonymous numbered accounts whose holders for credit transfers, check cashing and similar transactions are not identifiable are considered suspicious. In the past, should be third-world dictators and mafia trustee as corrupt politicians and rich tax evaders have used these accounts. Accurate you do not know - the Vatican leaves nobody look into their account books.


Pope Benedict XVI. had tried in the past four years to ensure transparency. He produced, among other things, a regulatory body set up to oversee the finances of the Institute. But the controls were found to apparently inadequate. Overseer of the European Council of the Vatican Bank attested two years ago with serious shortcomings in the monitoring of money laundering, tax fraud and the financing of terrorism, reported the TV channel Sky .


The Vatican Bank manages the TV station, according to Finance in the amount of about four billion euros and a total of some 33,400 accounts. The Principals had been vacant since May 2012. The former top executive Ettore Gotti Tedeschi had to go eight months ago. He resigned after a vote of no confidence by the Supervisory Board. Against Tedeschi run investigations on suspicion of money laundering . Interim chief Ronaldo Schmitz had commissioned an international recruitment agency with the search for a new manager, said Vatican spokesman Federico Lombardi.

Keep an eye on this story: it will get much more interesting in the coming months.

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LawsofPhysics's picture

So long as they have the government(s) and taxpayer-funded bailouts for their entire industry in their pocket, everyone works for goldman.

goldfish1's picture

the pope...sure doesn't cut a wholesome picture

the banker...he know's he's good... picture captures absolutely no morals

AssFire's picture

Let's see how he faces a tough dilemma: like half priced ham.

SamAdams's picture

Isn't the English Crown German?  I wonder where the suffix "berg" originates?

jcaz's picture

A smirking banker- ALWAYS a sign of good times to come......

AssFire's picture

Meet the new Berg,

Same as the old Stein

Bananamerican's picture

"Institute for Works of Religion" 

Nice name.

If I was the Devil i would totally own this gig...

bank guy in Brussels's picture

Maybe Ernst von Freyberg can avoid being 'suicided' like previous Vatican-tied banker Roberto Calvi ... even the mainstream media version sounds spooky:

« 1982: 'God's banker' found hanged
The body of a top Italian banker has been found hanging from Blackfriars Bridge in London.

 Known as God's banker for his links with the Vatican, 62-year-old Roberto Calvi was ... a central figure in a complex web of international fraud and intrigue.

He had been missing for the last nine days before his body was discovered by a passer-by hanging from scaffolding on a riverside walk under the bridge.

Police are treating the death as suicide ... »

11b40's picture

I don't know much about the Pope, or the Catholic Church, for that matter, and know nothing of this new banker.

I am, however, pretty sure he will be very busy trying to preserve the Church capital if the allegations in this report are true:

"Well, for once, the guy might not get off easy. The International Tribunal into Crimes of Church and state calls upon the Italian President to deny help to Ratzinger, and to “not collude in criminality. Let’s just hope that Napolitano does not cave. However, there may be another avenue to make sure the Pope is brought to justice if the Italian President does cave.

It seems that in addition to these alleged attempts by this European government to prosecute, a New York based organization, The Centre for Constitutional Rights, has accused the Pope and his Cardinals of possible crimes against humanity for sheltering pedophile priests. The non-profit legal group has requested an ICC inquiry on behalf of the Survivor’s Network, citing the church’s “long-standing and pervasive system of sexual violence.”2

TideFighter's picture

So, do you haft papals for deez papals? 

skydrake's picture


"So long as they have the government(s) and taxpayer-funded bailouts for their entire industry in their pocket, everyone works for goldman." the next pope?


Ratscam's picture

another freemason, ritual driven, closed minded, greedy, bankster, lawyer psychopath

Ghordius's picture

I beg to differ, mason and maltese knight are quite mutually esclusive

the one connection I was looking for is if he ever worked for or with Deutsche Bank, which is more relevant for the current Vatican troubles

SamAdams's picture

the laundry list and pay-in cash is the real deal here....

rlouis's picture

I expected to see that he had been trained by Jesuits and was a member of Opus Dei

Sandmann's picture

Deutsche Bank under Hermann Josef Abs did just what Goldman and JP Morgan do today - acquire sovereign states for plunder using a war machine to enforce

SamAdams's picture

The Blue Lodge gets very distraught when such things are mentioned, but even they are beginning to turn.  This is a new age of consciousness.  So, as many people think things are as bad as ever, in fact, never have so many people become aware.  That is why the aristocrat/fuedal system is in full panic mode:  crashing the economy, crashing the towers, gunning for Newtown.  This will either be the turning point, or the end of it all (until the next time anyway ;-)

Super Broccoli's picture

where does Ernst come from ? let me guess, GS ?

NoDebt's picture

"apparently he does not work for Goldman."

Read first, then comment.

Lack of GS backround would ordinarily be a disqualifying shortcoming, but the Vatican plays by it's OWN rules.

Seer's picture

Give the vegetable a break!  When one is a vegetable it's pretty remarkable that one can even speak, let alone operate a computer!

Super Broccoli's picture

i'm not really a vegetable, i'm Fed's president IRL

so it's a very busy position you know, i'm responsible for hitting Prt key as much as possible and i don't always have the time to read the entire article ...

fomcy's picture

GOLD tanking like penny stock now. F**king manipulators at large.
Same Shit same time, Different day 1615.. Vertical drop.

Seer's picture

"And no, apparently he does not work for Goldman."

BUT! Lloyd Bank-fiend does, and, according to him, HE works for God!  So, both report to God.  I'd have to say, then, that GS is a subsidiary to God Inc. (which the Vatican is also a subsidiary of).  The connection IS there! :-)

The Proletariat's picture

Agreed....but their definition of GOD is actually an acronym ~ Gold, Oil, & Drugs (or Dollars)

mkhs's picture

There have been many gods throughout history.  What makes you think they worship the same one?

francis_sawyer's picture

Freyberg huh? [crickets]

Seer's picture

Seems pretty confusing, what with the church having supported Hitler and all...

francis_sawyer's picture

They say the motive is to create 'more Transparency'... ummm ~ OK

Seer's picture

Well, if things are so transparent then that means that you CAN'T see them!

Think of: "depends on what the meaning of 'is' is"

Id fight Gandhi's picture

The new guy is not a jew.

Pius xii did not work with nazis. He kept quiet to avoid Catholics being drawn into it. They did save hundreds of thousands of refugees who were jews some of whom in turn try to ruin the church.

HD's picture

Not from Goldman? Is that legal?

Of course, it makes sense. No one from Goldman wants to run the risk of coming into contact with holy water.

mkhs's picture

Vampires don't do well with crucifixes, too.

CrimsonAvenger's picture

The real impact has yet to be reported: Kevin sent his resume and didn't even get an interview. Expect a more vigorous pounding than usual as he works off some steam.

irishlink's picture

Reports have been circulating that the Vatican Bank is broke. Who is giving money to the church these days and the cost of the child abuse scandals have all added up. Maybe they also resorted to magic derivitevesto offset declning income.The decesion of the pope to resign was very sudden and not the nine month search of consciencce as portrayed Why would he set up a twitter page in early Dec 2012 if he was about to step down in March 2013. Something very fishy going on here and maybe it is linked to the other large Italian Bank Monti Paschi

Seer's picture

Power corrupts.  The Vatican is no more than another scheme by the power-hungry to leach off the masses.

francis_sawyer's picture

Combine the 'Council of Nicaea' conclave with the Rothschild banking network... What's that spell?


Note: any 'Vatican Bank' trouble is a load of crap... They are the largest landowners on the planet...

Ghordius's picture

"largest landowners on the planet..." confusing Pope with Queen?

Pseudo Anonym's picture

no, not really,

confusing Pope with Queen?

no confusion here.  vatican owns the crown: " ... the British Royal Crown was placed into the hands of the Knights Templars, and how the Crown Templars became the fiscal and military agents for the Pope of the Roman Church."


Ghordius's picture

"vatican owns the crown" LOL pls don't tell the Queen

The Templars? They suffered the same fate I wish upon the Squid

fitting, if you consider the similarities

earleflorida's picture

When Constantine gave credibility and credence to the christian church via the 'Edict of Milan', the Pope's were not allowed to marry?

But, the priest could if they so chose... their was nothing in the christian teachings/dogmas to prevent priest from living normal, functional natural lives! Sadly, the corrupted popes could not garnered avarice wealth without a land grab-- as most if not all priest at the time were wealthy, educated land owners... and, having a wife was an obstacle for the conclave of corruptible's, in the name of Christianity! 

You see... in order to get the land from going to the widow or family siblings the corruptible's decree'd celibacy as mandatory, and that meant 'no marriage'! Thus, conveniently when said humbled priest died, their wealth and land was transferred to the 'corrupted church'. 

 Since this decree, priest were to be abnormally deprived of any kind of a normal family, and sex life... all the while the Christian Church became the wealthiest land owners in all of Europe!




Sandmann's picture

"normal sex life" - you clearly aren't living in the 21st Century where Abnormal is the new normal

Sandmann's picture

The Queen of England owns all the land between Canada and Mexico and would like it back so let's revoke the Treaty of Paris 1783 and end the Insurrection

jcaz's picture

Great- here's California for ya, enjoy the liens.....

Seer's picture

"Note: any 'Vatican Bank' trouble is a load of crap... They are the largest landowners on the planet..."

Well, land isn't all that liquid.  Perhaps this is what's rally going on, that they have some liquidity problems?  Who would get uppity with the Vatican about a payment on something?  Imagine what kind of publicity/propaganda wave that would be unleashed!

Bahamas's picture

His eyes in the picture have some kind of reptilian look in the pupils.

TNTARG's picture

Rotschild's "Cavalieri di Malta" Ernst von Freyberg to head Vatican Bank.

Business are OK among Mayer Amschel Rotschild's dynasty. All is well.

Ghordius's picture

Rotschild's "Cavalieri di Malta" ??? Where does this come from?