Vatican Bank Money Laundering Exclusive Broadcast on The ‘X’ Zone Radio Show 8 Days Before Making International News Headlines!

Vatican Bank Money Laundering Exclusive Broadcast on The ‘X’ Zone Radio Show 8 Days Before Making International News Headlines!

By Rob McConnell
The 'X' Chronicles Newspaper

Hamilton, Ontario: The world was stunned on Tuesday, September 21, 2010, to find out that Italian prosecutors were investigating the Vatican Bank for violation of anti-money-laundering regulations and authorities had frozen $30 million in the banks assets.

Two Vatican Bank officials that are under investigation were identified as Ettore Gotti Tedeschi and Paolo Cipriani, the chairman and director generator of the Institute for Religious Works, popularly known as the Vatican Bank. The Vatican Bank is responsible for managing the Holy See’s funds, the pension system of its employees and assets earmarked for charity.

The bank, a private entry, is suspected of failing to identify the source of $30 million that it was transferring to a branch of the American financial giant J.P. Morgan in Frankfurt, Germany and to the Italian institution Banca del Fucino, according to Italy’s ANSA news agency.

In a statement released on Tuesday, September 21, the Vatican expressed “puzzlement and wonder” over the charges and said it maintains “full confidence” in the banks administrators. “The necessary information is already available at the relevant office of the Bank of Italy, and similar transactions commonly take place with other Italian banks,” it said.

The Vatican, which is eager to avoid controversy after being rocked by the pedophile-priest scandals, stressed that it is working with the Organization for Economic Cooperation and Development to achieve the highest level of transparency.

In the 1980’s, the bank made headlines over its involvement in one of Italy’s biggest fraud cases, the collapse of Milan’s Banco Ambrosiano, which lent more than $1 billion to companies in Central America the existed mostly on paper. The Vatican had backed the loans with letters of credit.

The head of Banco Ambrosiano, Robert Calvi, who was known as “God’s Banker” because of his ties to the Vatican, fled to England and was found hanging from a bridge in London in 1982.
The Vatican bank insisted that it had done nothing wrong, but agreed to pay $250 million to Ambrosiano’s creditors.The then president of the Vatican bank, American Archbishop Paul Marcinkus, was charged as an accessory in the bankruptcy scandal but was never prosecuted.

He died in 2006.

Eight days prior to the world wide headlines and the details of the Vatican bank money laundering scandal, on Monday, September 13, in the third segment of The ‘X’ Zone Radio Show, Robert W Morgan, author of Citizen Spy: Vatican Cover-Up: The Mob, Money-Laundering and Murder was my guest.

During his one hour interview (which is available at Morgan spoke of the methods used in laundering mob money through Banco Ambrosiano, the Vatican Bank in Italy - a full 8 days before any other media source had the story.

An ‘X’ Zone exclusive!

Robert W. Morgan's career as a promising young filmmaker gained the interest of the top members of the American Mafia and actions he performed on their behalf won their trust. As an up-and-coming writer/director, they knew he had sold his first four screenplays to Ivan Tors Studios; he had written, produced, and directed Bloodstalkers; and had a feature-length docudrama and TV specials made about his more esoteric interests. Larry King, Tom Snyder, and Howard Cosell reported his escapades, and he was frequently in the news. His series concept evolved into the TV hit In Search Of....

Morgan's edgy activities with CIA's Frank Sturgis and spymaster E. Howard Hunt and their anti-Castro Cuban movement earned him a pass among the Mafia; they loved knowing he was leading a double life. They did not suspect it was triple.

He was also working as an undercover operative for the DEA and the FBI, and his personally chosen targets were among the highest echelons of those Mafia attorneys who laundered Mafia profits into legitimate businesses. He is currently writing full time and is developing fresh film projects.

This story is continued in the September 2010 edition of The 'X' Chronicles Newspaper - or

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