By Philip Pullella VATICAN CITY (Reuters) - The Vatican bank, dogged for decades by scandals and opaque dealings, published the first annual report in its 125-year history on Tuesday. The report covered 2012, a tumultuous year that saw its former president ousted in a boardroom battle and leaks of documents on internal disagreements on how it should be run. Bank President Ernst Von Freyberg, who started his job this year, said the 100-page report was an attempt to meet the commitment to transparency that Catholics around the world "rightfully expect". A five-member committee appointed by Pope Francis, who has promised to clean up the Vatican's financial image, is also preparing a report on how to reform the bank, officially known as the Institute for Works of Religion (IOR). The IOR said that in 2012 it had a net profit of 86.6 million euro ($117.23 million), more than four times greater than the 20.2 million euro profit in 2011. The report, whose figures were audited by KPMG, said the huge increase in net profit was due mainly favorable trading results and higher bond values. It said 54.7 million euro of the profit was transferred to the budget of the Holy See to help the pope carry out the Church's mission around the world. It also revealed the extent of the IOR's holdings in gold, coins and other precious metals (41.3 million euros), that it had a stake in an Italian real estate company, and received two inheritance properties worth about 2 million euros in 2012. The bank's stated aim is to hold and manage money for Vatican departments, orders of priests and nuns, Catholic institutions and related entities, clergy and Vatican employees. DECADES OF SCANDALS But it has been enmeshed in scandals in the past three decades, most notably in 1982 when it was caught up in the fraudulent bankruptcy of Italy's Banco Ambrosiano, whose president Roberto Calvi was found hanged under a bridge in London. More recently, it has been caught up in an investigation by Italian magistrates into money laundering, which the bank denies, and the arrest of a Vatican prelate who has been charged with money smuggling. Pope Francis has not excluded the possibility of closing down the IOR but most likely it will soon see extensive reform. Reuters has learned that as part of the current review, the bank is likely to close all accounts held by foreign embassies, following concerns about large cash deposits and withdrawals by the missions of Iran. The numbers aside, the report was dotted with words that made clear 2013 could be a crucial year for the bank, which traces its origins to 1887 and has been in its current form since 1942. In his introduction, Cardinal Tarcisio Bertone, the outgoing Secretary of State, spoke of "reform" and "a new direction" for the bank. Other officials spoke of "change" and "transformation". Freyberg, a German, has hired the U.S.-based Promontory Financial Group to review all accounts held by the bank's some 19,000 customers, help tighten anti-money laundering procedures and carry out special investigations. "We have reviewed our procedures for taking on clients and for dealing with clients to make sure that no money laundering can happen at the institute," he told Vatican Radio. "We do have a new handbook, we do have new procedures, and we are also ready for inspection by third parties." He said in the report that the IOR expects to have extraordinary expenses in 2013 resulting from the high cost of the reform process. Apart from Promontory, Freyberg has hired a team of financial public relations consultants. (Reporting By Philip Pullella; Editing by Angus MacSwan)
"When you're attacking FBI agents because you're under criminal investigation, you're losing," Huckabee Sanders wrote in Nov. 2016
Volodymyr Zhukovskyy. 26. faced multiple counts of negligent homicide and manslaughter for the crash on Route 2 in Randolph, New Hampshire on June 21, 2019.
- BuzzFeed News
"They even broke into my safe!"View Entire Post ›
Lindsey Graham says 'nobody's above the law' after FBI searched Trump's Mar-a-Lago club but adds that he's 'suspicious' of the investigation
Unlike Graham, a slew of Republican lawmakers swiftly came to Trump's defense and attacked the Department of Justice.
- The Hill
Former White House communications director Alyssa Farah Griffin on Tuesday said the FBI’s raid on former President Trump’s Mar-a-Lago property could be the key to him winning the 2024 presidential election. Griffin, in an appearance on CNN’s “New Day,” said she hoped the investigation is about more than Trump not complying with certain archiving laws…
The Fox News host unloaded a hyperbolic rant about the FBI search at Mar-a-Lago.
CNN's Pamela Brown quizzed Rep. Mike Turner (R-Ohio) on his past outrage over Hillary Clinton's handling of classified information.
- Rolling Stone
Conservatives are doing what they do best in the wake of the FBI searching Donald Trump's Palm Beach estate: playing the victim
- National Review
Representative Scott Perry, an ally of former president Donald Trump, said Tuesday that the FBI confiscated his personal phone one day after federal agents searched Trump’s residence at Mar-a-Lago in Florida.
- The Daily Beast
Frederick M. Brown/Daily Mail.com via APA traveling Texas nurse is facing multiple murder charges after running a red light and crashing into traffic while allegedly driving 90 mph in Windsor Hills, California.Los Angeles County District Attorney George Gascón announced on Monday that Nicole Linton has been charged with six counts of murder and five counts of gross vehicular manslaughter for the multi-car crash, which left six people dead. Linton faces a 90-year prison sentence if convicted.Poli
A memo from Attorney General Merrick Garland that surfaced in July had some thinking the DOJ would not act. But the raid came just under deadline.
- LA Times
Prosecutors say they are reviewing previous crashes linked to woman charged with six counts of murder and five counts of vehicular manslaughter.
Lawyers received instructions to secure Trump's document room months before the FBI search at Mar-a-Lago: report
After federal investigators met with Trump's attorneys, aides added a padlock to the room where documents were stored.
- Country Living
Yesterday, Meghan Markle announced she guest-edited the September issue of British Vogue. She had specific instructions for the cover shoot—ones that say a lot about how she wants to showcase beauty.
Prince Harry's latest virtual appearance featured a rare (albeit tiny) glimpse of the California home he shares with Meghan...
- In The Know by Yahoo
Addison Rae has faced so much backlash for the ad, that she deleted it off of her Instagram.
Many people wondered how Pence can still defend Trump, whose supporters called for the vice president to be hanged during the Jan. 6 Capitol riot.
On Aug. 8, the FBI executed a search warrant for Donald Trump’s Mar-a-Lago resort in Palm Beach, Florida, and needless to say, the former president was anything but pleased.
Alex Jones' wife said she is 'unaware' and 'upset' her husband sent a nude photo of her to Roger Stone
The nude photo was included in a trove of Alex Jones' texts accidentally sent to lawyers for Sandy Hook parents, the attorney said.
- Associated Press
A jury on Tuesday acquitted a commercial truck driver of causing the deaths of seven motorcyclists in a horrific head-on collision in northern New Hampshire that exposed fatal flaws in the processing of license revocations across states. Volodymyr Zhukovskyy, 26, of West Springfield, Massachusetts, was found innocent on seven counts of manslaughter, seven counts of negligent homicide and one count of reckless conduct in connection with the June 21, 2019, crash in Randolph. Jurors deliberated for less than three hours after a two-week trial during which prosecutors argued that Zhukovskyy — who had taken heroin, fentanyl and cocaine earlier on the day of the crash — repeatedly swerved back and forth before the collision and told police he caused it.