****God’s Bankers: A History of Money and Power at the Vatican

Vatican, Rome, St. Peter's

photo: Nick Fewings, creative commons license

By Gerald Posner, narrated by Tom Parks – If this troubled history of Vatican financial dealings over the past 150 years were fiction, it would be dismissed as unbelievable, but, alas, it is not. Former Wall Street lawyer Posner has done a remarkable job of in-depth reporting to pull together this story. Although much of the story has come out piecemeal over the years, he’s assembled it in a highly readable, occasionally jaw-dropping narrative.

Posner helpfully puts the Church’s opaque financial dealings in the context of pressures on it at any given time. His descriptions of the politics around the election of recent popes are likewise fascinating. Few of them had any awareness of—or interest in—the questionable and large-scale financial activities taking place practically under their noses.

Since 1942, when the Church reorganized many of those activities by forming the Vatican Bank, authorities in Italy, in the United States, and in the international financial world repeatedly pressured the Church to reveal what the Bank was up to, with little success. Bank leaders would claim ignorance of financial matters when it suited them (“we’re just poor priests here”), and employed a succession of shady financial advisors (“a few bad apples”). Meanwhile the international monetary wheeling and dealing was unstoppable. As Damon Linker says in The New York Times, “The result (of the Church’s history) has been a tension—and sometimes a blatant contradiction—between the church’s exalted claims for itself and its behavior.”

Not all of the Bank’s financial deals were successful and some too much so. Millions and millions of dollars simply disappeared. Many readers may know about the Pope’s barely audible muttering when it came to dealing with Hitler; they may not know that the financial side developed ratlines to provide monetary and other aid to Nazi fugitives. Or how its lack of records “made it an ideal safe haven for money plundered from Jews and other wartime victims,” said Chicago Tribune reviewer Trine Tsouderos.

They may not know about the money-laundering for the American mafia or the political slush funds disguised as benevolent sounding charities. Or how the Bank was used to support the anti-Communists in Poland and the right-wing Nicaraguan Contras. Or the Vatican Bank’s role in the demise of Italy’s largest private bank. Or the assassinations. . . . In short, it’s “an extraordinarily intricate tale of intrigue, corruption and organized criminality—. . . not widely known among more casual church watchers—from Pius XII down to Benedict XVI,” says Linker.

Pope Francis is now taking concrete, meaningful steps to reform the Bank and limit its activities. He’s letting the sunshine into an institution that for many years did not operate like a normal financial institution. It did not conduct independent audits, and it had a scanty, periodically destroyed, paper trail.

Posner’s book was almost 22 hours long, and though Parks’s narration was excellent, there were so many characters, I wish I’d read it instead of listened, so I could flip back through to remind myself who was who (the affiliate link below is to the paperback). Nevertheless, the overall picture resounded clear as a church bell.

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