Editing Paul Marcinkus (section)

==Banco Ambrosiano/P2==

Banco Ambrosiano Scandal and [[Propaganda Due P2]] Connections (1982) Marcinkus’s career reached its nadir with the 1982 collapse of Banco Ambrosiano, Italy’s largest private bank, which had close ties to the Vatican. The IOR, under Marcinkus, owned about 1.5% of Ambrosiano but was implicated in a complex scheme involving over $1.3 billion in loans to 10 offshore companies controlled by the Vatican Bank. Ambrosiano’s chairman, Roberto Calvi, known as “God’s banker” for his Vatican ties, was convicted of financial misconduct, fled during his appeal, and was found dead in June 1982, hanging under Blackfriars Bridge in London. Initially ruled a suicide, Calvi’s death was later investigated as a murder linked to mafia connections.

The scandal also involved Propaganda Due (P2), a clandestine Masonic lodge led by Licio Gelli, which included prominent Italian figures and was tied to political and financial intrigue. Marcinkus was indicted by Italian authorities in 1982 as an accessory to fraudulent bankruptcy, but as a Vatican employee, he claimed diplomatic immunity, and the Vatican refused his extradition in 1987. The Vatican paid $250 million to Ambrosiano’s creditors as a “goodwill” gesture, admitting “moral involvement” but denying wrongdoing. Marcinkus maintained his innocence, famously saying, “I may be a lousy banker, but at least I’m not in jail.”

The Ambrosiano collapse, described as “one of the darkest pages of Catholic history” by historian Alberto Melloni, severely damaged the Vatican’s reputation and Marcinkus’s standing. His ties to Sindona, Calvi, and P2 fueled speculation about deeper Vatican-mafia connections, though no conclusive evidence implicated Marcinkus directly in criminal acts. Posts on X reflect ongoing public suspicion, with some users alleging Marcinkus’s involvement in money laundering and P2’s activities, though these claims lack corroboration.