VATICAN CITY
The Fiscal Times
BY ROB GARVER,
The Fiscal Times
June 9, 2014
When he took over as head of the Roman Catholic Church last year, Pope Francis made it clear that he meant to be the leader of a “poor church” – meaning that the Vatican would focus less on its own splendor and more on finding ways to use its vast financial resources to benefit the world’s poor.
It’s turning out to be more of a struggle than Francis may have expected; last week he found it necessary to fire all five directors of the Vatican’s Financial Information Authority – essentially the primary financial watchdog over the Papal State’s considerable financial operations.
The announcement on Thursday was only the most recent in a series of firings, replacements, and arrests that have rocked the Vatican’s financial hierarchy. It turns out that for Francis, casting the moneychangers out of the Temple has proven to be a time-consuming task.
Last summer, a number of senior officials with the Vatican Bank resigned around the time that one of its senior accountants, Monsignor Nunzio Scarano, was arrested and charged with conspiring to smuggle more than $20 million from Italy to Switzerland. Scarano, reportedly known in Rome as “Monsignor 500” for his habit of displaying a wallet full of €500 notes, has since been charged with multiple other offenses, including money laundering.
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