UNITED STATES
Peter Borre
‘Everything’s up to date in Vatican City
they gone about as fer as they can go’
(apologies to Rodgers and Hammerstein)
[9.30.2013]
Foreword
Remember when your mom took you to the dentist who said, this is not going to hurt?
And then it hurt a lot, but when you squawked the dentist said, it’s necessary!
This blogpost is about the Vatican’s financial institutions, and ‘it’s not going to hurt’. But it’s essential for an understanding of what will be happening this week in Rome when recommendations come to Papa Francesco from the Gang of Eight Cardinals; and later this fall from two ad hoc commissions tasked to review the bank (IOR) and the Vatican’s accounting practices – bringing onto center stage the financial institutions of the Vatican.
Overview
“If you cannot be trusted in handling worldly wealth, who will trust you with true riches?” (Luke, Chapter 16 Verse 11)
Today’s Italian media report that the financial results of the Istituto per le Opere di Religione (IOR) will be released for the first time ever, tomorrow. As a teaser, it is mentioned that a profit of €87 million (almost $120 million) will have been realized for the 12 months ending on July 31, 2013.
That is warp speed for reporting financial results, two months after the books closed. For context, the Archdiocese of Boston releases its audited financials 7-9 months after the fact, usually on a quiet Friday afternoon.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.