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The Catholic Church is missing money—and the Pope is taking action.
Pope Francis is ordering the Vatican secretariat of state to transfer all its holdings to another Vatican office by February 4th. He also stripped the secretariat of its financial assets and all real estate holdings.
This comes as the office is the subject of a corruption investigation accusing it of mismanaging hundreds of millions of euros in donations and investments.
It all started when the office made a 350-million-euro investment into a luxury building in a ritzy London neighborhood. Prosecutors are accusing church members of bringing in several Italian men known for shady business dealings.
The Pope’s move is a hard hit to the secretariat of state’s office. It was the most powerful Holy See office. But now, like any other department, it will have to propose a budget, which will be approved and monitored by others.
The Holy See has taken a hit thanks to a drop in revenue from Vatican museums closing down. Not a good time to steal from the man upstairs.
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CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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"The Technology Tornado: Media & Communications in the Modern Era"
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Phoenix Convention Center
August 28th, 2019
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