Wednesday, May 30, 2012

The sins of the President of the Vatican Bank

Ior, il documento contro Gotti Tedeschi - Il Messaggero

"erratic and wrong behavior"

excessive centralization in management policies

"inability" to provide information about the bank and the viability of its operations

.........are just some of the criticisms by the Vatican Bank (IOR) board of Ettore Gotti Tedeschi in the document of no confidence in the possession of Corriere della Sera published on its website. The memorandum - the basis for no confidence in President Gotti Tedeschi - was discussed on 24 May this year, stressing that it was conceived and written in "under exceptional circumstances."

It says, inter alia, that the President of the IOR during the confrontation in the board, "has had the opportunity to express themselves freely and to make the necessary observations." Gotti Tedeschi has spoken for more than 70 minutes at around 15.40 when he was then presented with a motion of no confidence passed by the directors."

Gotti Tedeschi, the document reads, "around 4 pm left the board, before knowing the outcome of the vote."

The reasons that lie at the root of the decision to censure the President are divided into 9 points:

1) failure carry on the duties of President,

2) failure to be informed about the activities of the institute and accordingly to inform the board of directors

3) not participating in the work of the board

4) lack of prudence and precision with respect to the policy of the bank

5) inability to provide explanations on the distribution of documents in the possession of the President;

6) dissemination of inaccurate information about the institution

7) inability to publicly represent and defend the bank in response to inaccurate information by the media

8) excessive centralization

9) progressive wrong and erratic behavior

In the light of these comments and criticisms, we read in the Memorandum, "at 5 pm the board of directors approved a motion of no confidence. "The board of supervision of the Vatican Bank do not have any more confidence in President Ettore Gotti Tedeschi, and suggests the end of his term as president and adviser." The meeting ended at 17.30.
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