• Phoenix Capital...
    07/11/2014 - 11:24
    So… just WHO actually has a CLUE about the true state of the banks in Europe? More importantly, who will actually bother WARNING investors about the risks therein?  

Vatican Bank Scandal Widens Following Resignations Of Director, Deputy

Tyler Durden's picture




 

The story of the Vatican Bank's priest, the Italian secret service spook, and their "fiduciary" banker gripped the world's attention over the weekend when the latest iteration in the Vatican Bank's money laundering series were revealed. Now, comes the resignations: the first of many. AP reports that the Vatican Bank director, and his deputy have both resigned "following the latest developments in the broadening finance scandal."

From AP:

The Vatican said Monday that Paolo Cipriani and his deputy, Massimo Tulli, offered to step down "in the best interest of the institute and the Holy See."

 

Cipriani, along with the bank's then-president, was placed under investigation by Rome prosecutors in 2010 for alleged violations of Italy's anti-money-laundering norms after financial police seized 23 million euro ($30 million) from a Vatican account at a Rome bank. Neither has been charged and the money was eventually ordered released.

 

But the bank, known as the Institute for Religious Works, has remained under the glare of prosecutors and now Pope Francis amid fresh concerns it has been used as an offshore tax haven.

We are confident that the rabbit hole on this one will stretch very deep by the time all is revealed, and the resignations will reach all the way to the very top.

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