I started out reading your financial scandal articles understanding literally nothing, but decided I wouldn't skip any in hopes of gradually comprehending. I think I now understand that the primary target is Torzi for the extortion, but are Becciu and the other Vatican people caught up in this alleged to have been involved in the extortion scheme, rather than victims of it? Getting kickbacks or something? I swear I've read each article, I think I must just have poor reading comp skills when it comes to financial and legal stuff. And what was the original intended use of the London property - just an investment and they were going to rent it out as office/residential/whatever space to parties unconnected with the Vatican? Or something else?
Also, a couple of times on the pod I've heard JD refer Marogna as CeCe. Is that just a well-known nickname, or are you personally acquainted? :D
I spent my entire career as a lawyer advising priests and religious on investing money. I understand that the funds being dealt with here were St Peter's Pence which is a fund where money is collected from the laity and is used for the purposes of the Church i.e. supporting the Curia and in the relief of poverty. It is surely then a charity where money is taken in and sent out again in short order i.e. generally immediately or perhaps over a period of up to five years when supporting a particular project. If that is the case then the money should only be invested in bank deposits or very short term Government stocks. No way should it be invested in equities or property. If however there is to be permanent endowment i.e. building up a fund where the income is to be used for these purposes then there should be an explicit policy governing this which should be made public. As far as I know there is no such published policy. In the absence of such the laity are being misled and defrauded. Is there nobody in the Vatican or advising them who is aware of the proper way of dealing with such matters?
I started out reading your financial scandal articles understanding literally nothing, but decided I wouldn't skip any in hopes of gradually comprehending. I think I now understand that the primary target is Torzi for the extortion, but are Becciu and the other Vatican people caught up in this alleged to have been involved in the extortion scheme, rather than victims of it? Getting kickbacks or something? I swear I've read each article, I think I must just have poor reading comp skills when it comes to financial and legal stuff. And what was the original intended use of the London property - just an investment and they were going to rent it out as office/residential/whatever space to parties unconnected with the Vatican? Or something else?
Also, a couple of times on the pod I've heard JD refer Marogna as CeCe. Is that just a well-known nickname, or are you personally acquainted? :D
Thanks for your great work!
I spent my entire career as a lawyer advising priests and religious on investing money. I understand that the funds being dealt with here were St Peter's Pence which is a fund where money is collected from the laity and is used for the purposes of the Church i.e. supporting the Curia and in the relief of poverty. It is surely then a charity where money is taken in and sent out again in short order i.e. generally immediately or perhaps over a period of up to five years when supporting a particular project. If that is the case then the money should only be invested in bank deposits or very short term Government stocks. No way should it be invested in equities or property. If however there is to be permanent endowment i.e. building up a fund where the income is to be used for these purposes then there should be an explicit policy governing this which should be made public. As far as I know there is no such published policy. In the absence of such the laity are being misled and defrauded. Is there nobody in the Vatican or advising them who is aware of the proper way of dealing with such matters?