Looking into the latest Vatican Bank scandal involving George Cardinal Pell and pedophilia charges being brought against him in his home country of Australia, I’m curious why this news broke now.
The bank’s official name is the Institute for the Works of Religion, and to say it has had a checkered past with many questionable dealings is well documented. The latest being its involvement with Italian and global bankers dealing with Italian bank takeovers including the disastrous Monte Paschi merger with another Italian bank Banca Antonveneta in 2007.
Cardinal Pell was appointed by Pope Francis to oversee an extensive investigation of the Papal central bank’s dealings with Deutsche Bank, Nomura Bank and others involvement in secretly funding criminal fraud charges.
I do not know if the charges in Australia that Cardinal Pell faces have merit, but if they do it is a heinous crime against innocent victims and he should be punished to the greatest extent of the law.
My interests are in the timing of the charges, since there are a number of criminal trials occurring in Italian courts dealing with the fraud charges being brought against both the banks and individuals, some of whom have ties to the Vatican Bank.
Another reason I question the timing on these charges is that Libero Milone, a London-trained accountant who had led Italy’s branch of Deloitte accounting firm, resigning as the Holy See’s first “auditor-general” earlier this week.
Milone was charged by the Pope to get the books in order two years ago.
I will be following this closely since much of this information came out in my Banker Suicide series with the death of David Rossi from Monte Paschi. I will be talking to parties involved with the trials as it goes forward.