Saturday, December 20th, 2014

Vatican Bank President Fired After String of Scandals

Published on May 26, 2012 by   ·   No Comments

Activist Post

Ettore Gotti Tedeschi, the president of Vatican’s bank Institute for Works of Religion (IOR), reportedly resigned Thursday after a vote of no confidence by the bank’s board.

No details were given other than that Tedeschi “failed to meet some highly important functions” and that he was removed for “for dereliction of duty.”

Tedeschi was tapped to run the bank in 2003 about twenty years after its involvement in one of Italy’s largest banking fraud cases in history.

Shrouded in murder and mystery, the Vatican was implicated in the $3.5 billion collapse of Banco Ambrosiano in the 1980s following the disappearance of $1.3 billion to several dummy companies in Latin America.

Although the Vatican denied any wrongdoing, they did acknowledge “moral involvement” and paid a settlement of nearly $250 million to Ambrosiano’s creditors.
The Vatican banking fraud investigation cited suspicious transactions involving checks drawn with a fake name from a Vatican bank account at Unicredit bank in 2009.

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