World News
Anderson says Vatican bank fired president to increase transparency
Published: May 29, 2012
VATICAN CITY (CNS) -- Carl A. Anderson, head of the U.S.-based Knights of Columbus and secretary of the Vatican bank's board of supervisors, said a commitment to promoting transparency led the board to fire Ettore Gotti Tedeschi as bank president. The board unanimously passed a vote of "no confidence" in Gotti Tedeschi's leadership May 24 during a meeting in which the Italian banker was allowed to speak "for more than 70 minutes," according to a memorandum released by Anderson. The board of the bank, formally known as the Institute for the Works of Religion, issued an unusually blunt statement through the Vatican Press Office May 24, noting that members had repeatedly expressed concern to Gotti Tedeschi about the bank's "governance," but that the "situation has deteriorated further." The board's action was explained further in the memorandum to Gotti Tedeschi, which informed him of the vote after he "abandoned the premises without notice," the memo said. Signed by Anderson, the memo said the board acted based on the president's "failure to carry out basic duties" of the office; his failure to "remain informed" of the bank's activities and to keep the board informed; abandoning or failing to attend meetings; "exhibiting lack of prudence and accuracy" when talking publicly about the institute; and because of "progressively erratic personal behavior." In addition, board members said Gotti Tedeschi failed "to provide any formal explanation for the dissemination of documents" last known to have been in his possession.
Copyright (c) Catholic News Service /U.S. Conference of Catholic Bishops. The CNS news report may not be published, broadcast, rewritten or otherwise distributed, including but not limited to such means as framing or any other digital copying or distribution method, in whole or in part without the prior written authority of Catholic News Service .
