Vatican Bank Scandal
Uploaded by kennydeacon on Apr 07, 2013
Located in central Italy, Vatican City State also known globally as the Holy See was founded on February 11, 1929 after the signing of the Lateran Treaty between the Holy See and Italy. The treaty was ratified on June 7, 1929. It was on that date that the Holy See became its own nation with its own laws and government different to that of the country of Italy. The Vatican is a sovereign state with diplomatic relations with one-hundred and eighty countries. The head of Vatican City State is the Pope, who is currently Pope Francis. He alone makes all decisions for Vatican City, its eight hundred and thirty-two residents, and one hundred and nine acres. The Vatican Secretariat of State’s office is given the task of dealing with the day-to-day operation of Vatican City. Cardinal Tarcisio Bertone is the Secretary of State, appointed by Pope Emeritus Benedict XVI in two thousand and seven. In most recent times Vatican City has peaked interest among people of all faiths, nationalities, beliefs, and cultures. In a bank where only Vatican City State employees and workers can hold an account, why so much scandal?
The torrine of Niccolo V is the seat for the Istituto per le Opere Religione or the Institute for Religious Works. It is here that all decisions are made concerning the Vatican and its financial affairs; it has also been the center for scandal and questioning. A bank riddled with scandal in the heart of the Roman Catholic Church, 2 men who committed suicide, $1.4 billion dollars missing, twelve investigations ….yet no one knows anything of what happened, not even the Pope who oversees the bank.
Founded in 1942 to invest and increase the funds given to the Holy See for the religious works, the I.O.R. is much like any other international commercial bank. It accepts savings and checking accounts; transfer funds in and out of the Vatican and makes investments: (Stoler, 1982:2). While the Vatican bank seems like other banks there are a few interesting differences, depositors must be connected to the Vatican such as members of the curia, the Pope even has his own personal account and the residents who have everyday dealings in the Vatican can have an account in the Vatican bank. No one else! The assets of the bank are modest by international standards. The scandal really threatened the I.O.R. and Italian investigators believe...