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Vatican Plans Major Overhaul of Secretive Bank

Pope shakes up management at little-regulated Vatican bank

By Rob Quinn,  Newser Staff

Posted Sep 24, 2009 4:43 AM CDT
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(Newser) – The Vatican bank—so secretive it makes Swiss bankers seem chatty—is getting a major revamp as part of Pope Benedict XVI's campaign for transparency. Italian economist Ettori Tedeschi has been appointed the new chief executive—replacing someone who's been in the post 20 years—and the bank's supervisory board has been reconstituted. "It's a delicate post," says one Vatican official. "We expect deep change."


The bank is regulated only by a small group of cardinals and, ultimately, the pontiff. Abusive practices stemming from a lack of oversight have emerged at the bank over the years, and Tedeschi's predecessor—the first non-cleric to run the bank—was appointed in the late '80s to clean up after a major scandal, in which the Vatican paid $250 million for contributing to the collapse of another bank, notes the Wall Street Journal.

Pope Benedict XVI meets cardinals in the Clementine hall at the Vatican.
Pope Benedict XVI meets cardinals in the Clementine hall at the Vatican.   (AP Photo/L'Osservatore Romano, ho)
Pope Benedict XVI greets the faithful during the Angelus noon prayer in St. Peter's Square at the Vatican, Sunday March 8, 2009.
Pope Benedict XVI greets the faithful during the Angelus noon prayer in St. Peter's Square at the Vatican, Sunday March 8, 2009.   (AP Photo/Gregorio Borgia)
Pope Benedict XVI, silhouetted in front of one of the columns of the facade of St. Peter's Basilica at the Vatican, delivers his blessing to the faithful.
Pope Benedict XVI, silhouetted in front of one of the columns of the facade of St. Peter's Basilica at the Vatican, delivers his blessing to the faithful.   (AP Photo/Andrew Medichini)
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COMMENTS
Showing 3 of 9 comments
Spudsy
Sep 25, 2009 3:45 AM CDT
That should have been 25:44 from Leviticus. I don't want to look like most christians who have never read the bible but only listened to it from the guy they pay on Sundays. A guy who doesn't want you to think about these parts.
Spudsy
Sep 25, 2009 3:43 AM CDT
Well the Vatican did let Cardinal Law hide in the Vatican after his little debacle in Boston. Not really too upfront with any social justice there. But then again, it is an organization based on a pro-slavery. misogynistic book after all. Check out Leviticus 24:44 'Your male and female slaves are to come from the nations around you; from them you may buy slaves.
awase61
Sep 24, 2009 12:09 PM CDT
The Pedophile Priests cover-up was ran by American Bishops not the Vatican. I know that is a slight distinction but it is an important one to note before casting blame for a tragedy on an entire system.
World • Money

 
Pope Benedict XVI • Vatican City • Vatican • Banco Santander • cardinals • banking

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