Financial News ArticlesExcerpts of key news articles on
Below are key excerpts of revealing news articles on financial corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
For further exploration, delve into our comprehensive Banking Corruption Information Center.
Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.
A scathing new report released [on November 28] details how high-level political interference and institutional failures thwarted efforts to probe the 2010 collapse of Afghanistan’s largest bank, recover hundreds of millions of dollars from fraudulent loans and prosecute the influential Afghans who profited from a massive scheme to use depositors’ money as a private piggy bank. Without naming names, an independent anti-corruption committee of Afghan and international experts painted a damning portrait of foot-dragging, incompetence and blatant political manipulation involving virtually every agency that was supposed to either investigate why the Kabul Bank failed or take legal action against those responsible for looting it of more than $900 million. “Kabul Bank was nothing but a fraud perpetrated against depositors, and ultimately all Afghans,” the report says. Both the flagrant crimes and the repeated failures to pursue them, it said, reflect an array of larger, worrisome problems that permeate Afghan society and institutions, including “incapacity, nepotism, entitlement and political interference.” Over and over, the report says, supposedly independent bodies such as the attorney general’s office deferred to higher political wishes. Earlier this year, about 20 bank associates were indicted on charges including money laundering and using false documents or fictitious account names. The report quotes sources as saying that a “high-level committee,” meaning a group of powerful officials, decided which former bank associates would be charged with a crime and that prosecutors were told to “construct indictments to conform to the decisions.”
Note: For deeply revealing reports from reliable major media sources on financial corruption, click here.
Move over, adulterous generals. It might be time to make way for a new sexual rats' nest – at America's top financial police agency, the SEC. In a salacious 77-page complaint ... David Weber, the former chief investigator for the SEC Inspector General's office, accuses the SEC of retaliating against Weber for coming forward as a whistleblower. According to this lawsuit, Weber was made a target of [retaliation] after he came forward with concerns that his bosses may have been spending more time copulating than they were investigating the SEC. Weber claims that in recent years, while the SEC Inspector General's office has been attempting to investigate the agency's seemingly-negligent responses in such matters as the Bernie Madoff case and the less-well-known (but nearly as disturbing) Stanford Financial Ponzi scandal, two of the IG office's senior officials – former Inspector General David Kotz and his successor, Noelle Maloney – were sleeping together. Weber also claims that Kotz was also having an affair with a lawyer representing a key group of Stanford victims, a Dr. Gaytri Kachroo. Weber claims that Maloney last year refused to meet with Kachroo as part of the Stanford investigation. By then, Kotz had stepped down as SEC IG and Maloney had replaced him as Acting IG. Weber was fired on October 31st. Apparently he has decided not to take the firing quietly. "When David Weber began to uncover the depth of dysfunction at the SEC, they fired him," his attorney Cary Hansel said. "He has no intention of being silenced by threats and false allegations."
Note: We don't normally use Rolling Stone as a source, but this important story has not been covered elsewhere in the major media.
Branko Milanovic is an economist at the World Bank. He first became interested in income inequality studying for his PhD in the 1980s in his native Yugoslavia, where he discovered it was officially viewed as a "sensitive" subject — which meant one the ruling regime didn't want its scholars to look at too closely. But when Milanovic moved to Washington, he discovered a curious thing. Americans were happy to celebrate their super-rich and, at least sometimes, worry about their poor. But putting those two conversations together and talking about economic inequality was pretty much taboo. "I was once told by the head of a prestigious think tank in Washington, D.C., that the think tank's board was very unlikely to fund any work that had income or wealth inequality in its title," Milanovic ... explained in a recent book. "Yes, they would finance anything to do with poverty alleviation, but inequality was an altogether different matter." "Why?" he asked. "Because 'my' concern with the poverty of some people actually projects me in a very nice, warm glow: I am ready to use my money to help them. Charity is a good thing; a lot of egos are boosted by it and many ethical points earned even when only tiny amounts are given to the poor. But inequality is different: Every mention of it raises in fact the issue of the appropriateness or legitimacy of my income." When the discussion shifts from celebratory to analytical, the super-elite get nervous.
Note: Excerpted from Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland. For revealing major media articles showing the stark gap between the uber-rich and the rest of us, click here.
How much is democracy worth to you? If you’re like most people, it’s priceless. But for the hedge funds and insurance companies on Wall Street, it does have a price tag: approximately $4.2 billion. That’s how much the Finance, Insurance, and Real Estate (F.I.R.E.) sector has invested in political influence through campaign contributions and lobbying since 2006. That comes to $1,331 a minute spent on political power. The new report is called “Meet the F.I.R.E. Sector: How Wall Street Is Burning Democracy.” It was developed by Elect Democracy, a nonpartisan effort ... to expose and challenge the impact of corporate money in U.S. politics. The report ... analyzes exactly how Wall Street has secured ... “industry-loyal voting practices” in Congress: by shoveling stacks of campaign cash in the direction of Congressional hopefuls from both major political parties. That money lets these industries get what they want in Washington. The F.I.R.E. sector contributed $879 million to members of Congress since 2006, and took positions on 383 bills during the 112th Congress. For instance, they supported Free Trade Agreements with Korea, Panama, and Colombia in 2007, and backed the bailout in 2008. Bills they opposed include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2009, the Limited Homeowner and Investor Loss in Foreclosure Act of 2010, and the Stop Student Loan Interest Rate Hike Act of 2011. At every turn, the F.I.R.E. sector demands special treatment for Wall Street while consumers, homeowners, and students get stuck with the bills.
Note: Though not a major media source, Yes! Magazine is one of the very few media working towards positive, sustainable solutions to the problems of our world. For deeply revealing reports from reliable major media sources on the corrupt relationship between government and the financial sector, click here.
Just when you thought Wall Street couldn't sink any lower - when its excesses are still causing hardship to millions of Americans and its myriad abuses of public trust have already spread a miasma of cynicism over the entire economic system - an even deeper level of public-be-damned greed and corruption is revealed. Libor is the benchmark for trillions of dollars of loans worldwide - mortgage loans, small-business loans, personal loans. It's compiled by averaging the rates at which the major banks say they borrow. So far, the scandal has been limited to Barclays, a big, London bank that just paid $453 million to U.S. and British bank regulators, whose top executives have been forced to resign, and whose traders' e-mails give a chilling picture of how easily they got their colleagues to rig interest rates in order to make big bucks. But Wall Street has almost surely been involved in the same practice, including the usual suspects - JPMorgan Chase, Citigroup and Bank of America - because every major bank participates in setting the Libor rate, and Barclays couldn't have rigged it without their witting involvement. In fact, Barclays' defense has been that every major bank was fixing Libor in the same way, and for the same reason. And Barclays is "cooperating" (i.e., providing damning evidence about other big banks) with the Justice Department and other regulators in order to avoid steeper penalties or criminal prosecutions, so the fireworks have just begun.
Note: The author of this article, Robert Reich, is former U.S. secretary of labor, professor of public policy at UC Berkeley and the author of Aftershock: The Next Economy and America's Future. He blogs at www.robertreich.org.
Wells Fargo & Co.'s settlement of allegations that it overcharged minorities for home loans and wrongly steered them into subprime mortgages requires the bank to pay $125 million in damages, including about $10 million to African Americans and Latinos in the Los Angeles area. The settlement ... also requires the San Francisco company, by far the nation's largest home lender, to provide $50 million in down-payment assistance to residents of areas where the alleged discrimination had a significant effect. The $175-million total is the second-largest fair-lending settlement by the civil rights arm of the Justice Department. The largest, reached in December, requires Bank of America Corp. to pay $335 million to settle claims against Countrywide Financial Corp., the aggressive Calabasas lender it acquired in 2008. Another former Wells Fargo unit — the now-defunct subprime storefront lender Wells Fargo Financial Inc. — was the target of a separate investigation by the Federal Reserve. Wells Fargo agreed last year to pay $85 million to settle allegations that Wells Fargo Financial employees improperly pushed borrowers into more expensive subprime loans and exaggerated income information on mortgage applications. The agreement covers lending from 2004 through 2009 in the wholesale section of Wells Fargo Home Mortgage, which made loans of all kinds, including prime and subprime mortgages, through independent brokers.
Note: For key investigative reports on the criminality and corruption in the financial industry and biggest banks, click here.
JPMorgan Chase said Friday that its traders may have tried to conceal the losses from a soured bet that has embarrassed the bank and cost it almost $6 billion — far more than its CEO first suggested. The bank said an internal investigation had uncovered evidence that led executives to “question the integrity” of the values, or marks, that traders assigned to their trades. JPMorgan also said that it planned to revoke two years’ worth of pay from some of the senior managers involved in the bad bet, and that it had closed the division of the bank responsible for the mistake. “This has shaken our company to the core,” CEO Jamie Dimon said. The bank said the loss, which Dimon estimated at $2 billion when he disclosed it in May, had grown to $5.8 billion. The investigation, which covered more than a million emails and tens of thousands of voice messages, suggested traders were trying to make losses look smaller, the bank said. The revelation could expose JPMorgan to civil fraud charges. If regulators decide that employee deceptions caused JPMorgan to report inaccurate financial details, they could pursue charges against the employees, the bank or both. JPMorgan could not necessarily hide behind the actions of its employees. Regulators could decide that its oversight or risk management contributed to the problematic statements.
Note: Yet will anyone go to jail for these shady activities? For key investigative reports on the criminality and corruption in the financial industry and biggest banks, click here.
The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report. The report ... said the discounts — from January 1996 to June 2008 — were not only aimed at gaining influence for the company but to help mortgage giant Fannie Mae. Countrywide's business depended largely on Fannie, which ... was responsible for purchasing a large volume of Countrywide's subprime mortgages. "Documents and testimony obtained by the committee show the VIP loan program was a tool used by Countrywide to build goodwill with lawmakers and other individuals positioned to benefit the company," the report said. "In the years that led up to the 2007 housing market decline, Countrywide VIPs were positioned to affect dozens of pieces of legislation that would have reformed Fannie" and its rival Freddie Mac, the committee said. The Justice Department has not prosecuted any Countrywide official, but the House committee's report said documents and testimony show that Mozilo and company lobbyists "may have skirted the federal bribery statute by keeping conversations about discounts and other forms of preferential treatment internal. Rather than making quid pro quo arrangements with lawmakers and staff, Countrywide used the VIP loan program to cast a wide net of influence."
Note: For a treasure trove of reliable reports on the criminality and corruption within the financial and banking industries, click here.
The Deputy Governor of the Bank of England encouraged Barclays to try to lower interest rates after coming under pressure from senior members of the last Labour government, documents have disclosed. A memo published by Barclays suggested that Paul Tucker gave a hint to Bob Diamond, the bank’s chief executive, in 2008 that the rate it was claiming to be paying to borrow money from other banks could be lowered. His suggestion followed questions from “senior figures within Whitehall” about why Barclays was having to pay so much interest on its borrowings, the memo states. Barclays and other banks have been accused of artificially manipulating the Libor rate, which is used to set the borrowing costs for millions of consumers, businesses and investors, by falsely stating how much they were paying to borrow money. The bank claimed yesterday that one of its most senior executives cut the Libor rate only at the height of the credit crisis after intervention from the Bank of England. The memo, written on Oct 29, 2008, by Mr Diamond and circulated to two other senior bank officials, said: “Mr Tucker reiterated that he had received calls from a number of senior figures within Whitehall to question why Barclays was always toward the top end of the Libor pricing.” Government sources suggested that Baroness Vadera, one of Gordon Brown’s closest colleagues, was responsible for the contact with the Bank of England.
Note: For deeply revealing and reliable major media reports on corruption and criminality in the operations and regulation of the financial sector, click here.
Wall Street has already watered down or delayed most of Dodd-Frank [financial reform act]. Now it wants to create a giant loophole, exempting its foreign branches from the law. Yet the overseas branches of Wall Street banks are where the banks have done some of their wilder betting. Four years ago, bad bets by American International Group's London office nearly unraveled the U.S. financial system. When the Commodity Futures Trading Commission, the main regulator of derivatives (bets on bets), recently proposed extending Dodd-Frank to the foreign branches of Wall Street banks, the banks screamed. "If JPMorgan overseas operates under different rules than our foreign competitors," warned Jamie Dimon, chairman and CEO of JPMorgan, Wall Street will lose financial business to the banks of nations with fewer regulations, allowing "Deutsche Bank to make the better deal." This is the same Jamie Dimon who chose London as the place to make highly risky derivatives trades that have lost the firm upward of $2 billion so far - and could leave American taxpayers holding the bag if JPMorgan's exposure to tottering European banks gets much worse. JPMorgan's risky betting in London is added proof that unless the overseas operations of Wall Street banks are covered by U.S. regulations, giant banks will hide irresponsible bets overseas. Squadrons of Wall Street lawyers and lobbyists have been pressing all the agencies charged with implementing Dodd-Frank to go easy on the Street.
Note: The author of this article, Robert Reich, is former U.S. secretary of labor, professor of public policy at UC Berkeley and the author of Aftershock: The Next Economy and America's Future. He blogs at www.robertreich.org.
Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations. The plans, known as living wills, are due to regulators no later than July 1 under provisions of the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts by the government. The living wills could be as long as 4,000 pages. Since the law allows regulators to go so far as to order a bank to divest subsidiaries if it cannot plan an orderly resolution in bankruptcy, the deadline is pushing even healthy institutions to start a multi-year process to untangle their complex global operations, according to industry consultants. JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are among those submitting the first liquidation scenarios to regulators at the Federal Reserve and the Federal Deposit Insurance Corp. The liquidation plans are coming amid renewed questions about the safety of big banks following JPMorgan's stunning announcement last month that a trading debacle has cost it more than $2 billion.
Note: For other key major media articles showing blatant financial corruption, click here. For more vitally important information on banking manipulations, explore the excellent, reliable information in our Banking Corruption Information Center available here.
The Trans-Pacific Partnership (TPP) may soon be an acronym as recognizable as NAFTA — but this free trade venture could have much more economic strength and impact than its North American predecessor. The Trans-Pacific Partnership is a free trade deal aimed at further expanding the flow of goods, services and capital across borders. Its four founding members — New Zealand, Chile, Singapore and Brunei – soon caught the attention of five other nations: the United States, Australia, Peru, Vietnam and Malaysia, who joined in 2008. The nine partners currently have a combined GDP of more than $17 trillion. Canada and Mexico are now being considered for membership, subject to the approval of the nine countries already involved. Add to this the possibility that Japan could join the TPP, despite mounting protests in that country, and the economic and political traction of the group increases. In fact, the TPP could become the world's largest free-trade zone. "It's really a trade agreement for the one per cent and their corporate interests," said Maude Barlow, the National Chairperson of the Council of Canadians, which opposed and continues to criticize NAFTA. "This is not going to be a good deal for Canadians."
Note: A later Toronto Star article reveals that the agreements of the TPP are secret.
When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal. “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?” The groveling of the Senators was so obvious that Jon Stewart did a spoof news clip on it. JPMorgan Chase is the biggest campaign donor to many of the members of the Banking Committee. Financial analysts Jim Willie and Rob Kirby think it may be something far larger, deeper, and more ominous. They contend that the $3 billion-plus losses in London hedging transactions that were the subject of the hearing can be traced, not to European sovereign debt (as alleged), but to the record-low interest rates maintained on U.S. government bonds. The national debt is growing at $1.5 trillion per year. Ultra-low interest rates must be maintained to prevent the debt from overwhelming the government budget. Near-zero rates also need to be maintained because even a moderate rise would cause multi-trillion dollar derivative losses for the banks, and would remove the banks’ chief income stream, the arbitrage afforded by borrowing at 0% and investing at higher rates. The low rates are maintained by interest rate swaps, called by Willie a “derivative tool which controls the bond market in a devious artificial manner.”
Note: We don't usually use alternet.org as a reliable source, but because the major media failed to ask the hard, very important questions posed in this article, we've included it here. For powerful reports on financial corruption, click here.
There's been a lot of speculation about the cufflinks [JPMorgan Chase CEO] Jamie Dimon wore during [his Congressional] testimony. They caught the eye of folks because they seemed to bear some sort of official government stamp. As it turns out, they were emblazoned with the seal of the President of the United States. CNN's Lizzie O'Leary first confirmed the story last night over Twitter. They were, in fact, a gift from a resident of the White House. But people close to the JPMorgan Chase CEO won't say which president gave them to him. Dimon's got a bunch of official U.S. government cufflinks. Search for images of him and you'll see FBI cufflinks, for example. Was Dimon trying to send any particular message by wearing the presidential cufflinks? Was he, for instance, trying to remind the Democrats he supported Obama? Or subtly hinting that he's really the guy in charge?
Note: For powerful reports on financial corruption, click here.
The average American family's net worth dropped almost 40% between 2007 and 2010, according to a triennial study released [on June 11] by the Federal Reserve. The stunning drop in median net worth -- from $126,400 in 2007 to $77,300 in 2010 -- indicates that the recession wiped away 18 years of savings and investment by families. The results ... highlight the marked deterioration in household finances brought on by the financial crisis and ensuing recession. Much of the drop off in net worth -- to levels not seen since 1992 -- was attributable to a sharp decline in housing values, the Fed said. In 2007, the median homeowner had a net worth of $246,000. Three years later that number had fallen to $174,500, a loss of more than $70,000 on average. Making matters worse, income levels also fell during the tumultuous three-year period, with median pre-tax income falling 7.7% as earnings from capital gains all but disappeared. The loss of income and net worth appears to have impacted savings rates, as the number of Americans who said they saved in the prior year fell from 56.4% in 2007 to 52.0% in 2010 -- the lowest level recorded since the early 1990s. Families in the top 10% of income actually saw their net worth increase over the period, rising from a median of $1.17 million in 2007 to $1.19 million in 2010. Middle-class families who ranked in the 40th to 60th percentile of income earners reported that their median net worth fell from $92,300 to $65,900 over the same time period.
Note: What this article fails to emphasize sufficiently is that while most people have lost vast amounts of wealth, the wealthiest 1% has grown incredibly richer even through the recession. Is something wrong here? For key reports from reliable sources on wealth inequality, click here.
Congress gets into the JPMorgan Chase affair Tuesday with the first in a series of hearings into how a federally insured bank incurred [huge] losses on the kind of risky bets some, mistakenly, thought were a thing of the past. The losses, as suspected, look to be far higher than the $2 billion initially estimated. As of Friday, the number was $5 billion. What did CEO Jamie Dimon know, and when did he know it? "Dimon personally approved the concept behind the disastrous trades," according to the Wall Street Journal. Reportedly, similar trades, involving credit derivatives, date to 2006, ramping up with ever bigger bets as risk controls were eased in 2011.On the one hand, JPMorgan and other U.S. corporations are banking record profits and ever-growing piles of cash - $2 trillion at last count. On the other, U.S. unemployment remains unacceptably high, people are still losing their homes, small businesses are screaming for credit, local governments are cutting services left and right, and the nation's infrastructure is crumbling. Tons of money [are] sloshing around, courtesy of the Federal Reserve, but banks and corporations ... are hoarding it.
Note: For lots more from reliable sources on corruption and criminality in the finance industry, click here.
What strikes Phil Angelides the most about the $2 billion (and counting) loss sustained by JPMorgan Chase on a big trade gone bad, is how little has changed since the financial crash of 2008. "The big banks continue to be casinos," said the chairman of the government-appointed Financial Crisis Inquiry Commission, which laid out how such trades, referred to in some quarters as "bets," contributed to the crash that the country is still struggling to pull itself out of. "It has to be stopped," he said. Trouble is - as Angelides, the former California state treasurer, and others point out - no one is stopping them. Jamie Dimon, JPMorgan's CEO, dismissed initial concerns about the trades last month as a "complete tempest in a teapot." His main concern, he told analysts, was how the affair "plays right into the hands of a bunch of pundits out there." Dimon was referring to those who have been pushing for regulations to prevent federally insured banks like JPMorgan from indulging in such trades in the first place. "They've been fighting a ferocious rear-guard, no-holds-barred action," said Angelides, referring to the army of lobbyists hired and millions of dollars spent to beat back the regulations. The Securities and Exchange Commission is investigating the trades, which involved the use of complex financial instruments called credit default swaps as a hedge against the value of U.S. bonds.
Note: For a most excellent two-minute video of former U.S. Labor Secretary Robert Reich presenting five of the most urgent problems with the economy and an easy solution all in two minutes, click here. For an enlightening five-minute TED talks video further showing how the rich getting richer while they pay increasingly less taxes is at the root of most economic woes, click here. For a treasure trove of revealing reports from reliable sources on the criminality and corruption of major financial corporations and their "regulators" in government, click here.
The $2 billion trading loss that JPMorgan Chase disclosed late on Thursday provided ample ammunition for supporters of the Volcker Rule, which would restrict government-backed banks' ability to conduct proprietary trading. But it also prompted a fair amount of finger-wagging toward the company, given JPMorgan's stance as one of the rule's fiercest opponents. JPMorgan has been among the most outspoken detractors of the proposed financial regulation that is making its way through Washington. The firm has laid bare its feelings about the Volcker Rule several times, including in a Feb. 13 comment letter to the Federal Reserve. In that document, JPMorgan argued that the proposal would restrict its efforts to rein in risk-taking and would harm the firm's ability to compete against foreign rivals that did not face the same restrictions. In the letter, JPMorgan specifically mentions its chief investment office, the trading group which caused the $2 billion trading loss. JPMorgan also happens to run one of the most active and best-financed lobbying operations within the commercial banking industry. In the first four months of 2012, the firm has spent $1.92 million, barely trailing Wells Fargo in terms of banks' lobbying expenses. Last year, JPMorgan spent $7.62 million; two years ago, it spent $7.41 million, the most in its industry. And JPMorgan's chief, Jamie Dimon has been among the most frequent visitors to Washington to press his case.
Note: For lots more from major media sources on the corruption of major financial corporations, click here.
The Rothschild dynasty is to merge its British and French banking operations to secure long-term control of the business and to boost the firm's financial strength ahead of the introduction of tougher capital requirements for banks. The 200-year-old banks will be reunited under a single shareholding that will bring together the fortunes of the French and English sides of the renowned family as they attempt to safeguard the business against the effects of new regulation and the fallout from the global financial crisis. Paris Orleans, the Rothschild Group's Paris-based holding company, will convert into a French limited partnership, securing the families' control of the bank against potential takeovers. The new partnership will then buy out minority investors in NM Rothschild & Sons, the UK business, as well as outstanding minority interests in the French operations. Paris Orleans has a market value of more than €500m (Ł415m) and is about 30pc owned by outside investors. The Rothschild Group employs 3,000 people in 42 countries and is one of the world's leading independent investment banks, advising some of the largest international companies on capital raisings and mergers and acquisitions. The bank also remains a player in the private equity industry and operates several merchant banking operations that invest directly in business across Europe and the rest of the world.
Note: Why is that these two hugely wealthy families get so little press coverage? Could it be that their wealth and influence exerts control over the major media? For more on secret societies which command huge hidden power, see the deeply revealing reports from reliable major media sources available here.
The Vatican has for the first time appeared on the U.S. State Department’s list of money-laundering centres. It was added to the list because it was considered vulnerable to money-laundering. “To be considered a jurisdiction of concern merely indicates that there is a vulnerability to a financial system by money launderers. With the large volumes of international currency that goes through the Holy See, it is a system that makes it vulnerable as a potential money-laundering center,” Susan Pittman of the State Department’s Bureau of International Narcotics and Law Enforcement, told Reuters. The Vatican Bank, founded in 1942 by Pope Pius XII, has been in the spotlight since September 2010 when Italian investigators froze 23 million euros ($33 million) in funds in Italian banks after opening an investigation into possible money-laundering. The bank said it did nothing wrong and was just transferring funds between its own accounts. The money was released in June 2011 but the investigation is continuing. Two months ago, Italian newspapers published leaked internal letters which appeared to show a conflict among top Vatican officials about just how transparent the bank should be about dealings that took place before it enacted its new laws. The Vatican Bank was formally known as the Institute for Works of Religion (IOR) and was entangled in the collapse 30 years ago of Banco Ambrosiano, with its lurid allegations about money-laundering, freemasons, mafiosi and the mysterious death of Ambrosiano chairman Roberto Calvi - “God’s banker”.
Note: For more on the Vatican money-laundering scandal, click here. For speculation on the role of secret societies in all of this, click here.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.