Can the Vatican reform its finances? | FT Film
2021 ж. 9 Қар.
513 258 Рет қаралды
The FT investigates the Holy See's finances and looks at how landmark proceedings linked to a controversial London property deal are seen as part of Pope Francis's reforms in the city-state. Read more at on.ft.com/3ofZkrC
#Vatican #CatholicChurch #PopeFrancis #reforms
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Having people with no financial training managing money is going to run into problems sooner of later. Imagine your elderly relative being persuaded by fund manager/salesperson to invest in something like a structured investment. Not that different actually. A lot of people target wealthy old people.
It's one thing to manage your own wealth, especially when you're just middle-class. Managing multiple billions worth of wealth is a whole new level. With that said I don't think it's just clerics who do that in the church, they're not really that stupid to delegate that task to untrained devotes. But it's still not what it should be :)
Centuries of experience up in smoke.
The Vatican has known everything there has ever been know how to manage money since AD 300.
@@6Oko6Demona6 is “financial training” is college, then you don’t know what your talking about.
is “financial training” is college, then you don’t know what your talking about.
"Can the Vatican reform its finances?" -some guy in 1120
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
As the Pope said, the fact that these obscure issues are being investigated is a sign that the new mechanisms are working. The Church is seriously reforming it’s image.
Dont be silly
They need a huge reform, the Vatican always forgets that they are a country and they need to have reforms.
It’s way worse than that don’t be blind, as a good catholic you should never cloud your judgement and be ignorant to sin. acknowledge it and forgive them
It’s way worse than that don’t be blind, as a good catholic you should never cloud your judgement and be ignorant to sin. acknowledge it and forgive them
It’s way worse than that don’t be blind as a good catholic you should never cloud your judgement and be ignorant to sin. acknowledge it and forgive them
For such an institution, sourcing money is not much of an effort. Hence, they cannot feel how difficult it is for many to give their hard earned money to the church. Detached from such realities and without investment expertise, they become easy victims of criminals, both internal and external.
Bingo
Is money that important?
GODFATHER III
@@wolfthequarrelsome504 To them, it is.
@@pl2464 why is that?
Fantastic film FT. I've always been interested in the vatican's finances. This was a great watch.
But in the interests of full disclose, we need to know: is the producer of this film Catholic, Anglican, atheist? What?
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
Wow, what a great Minidocumentary! Not only the content is well made, the cinematography (especially the ending) is also excellent!
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
Small wonder that Vatican finances played a huge role in the plot of Godfather Part III.
They are the godfather part 1 part 2 and part 3. They are the real mafia
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
In Europe the Vatican is immune from being sued for child abuse. They're saving a few bob there but then there's America and Canada.
Roberto Calvi got to be a 'swinger'.
This is the exact plot of Godfather Part III. And that plot was based on the PREVIOUS Vatican financial scandal of the 80s, detailed in Gerald Posner's book "God's Bankers"
The best thing to do is to setup a private entity independent of vatican and where the investors are the donors and the vatican only requests money to fund current expenses, that way we can minimize the vatican using the money for their personal and go directly to expenditure and put management expertise on the funds dedicated to the vaticans cause. Right now when an entity makes a donation to the vatican, they dont have a say on where it goes the moment the fund is received by the vaticna
But Vatican would also like the control and independence from other entities. Thats why they are not transparent with authorities and has many times resolved issues internally -- may it be financial or moral issues.
Like
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
The Vatican is a Nation, you wouldnt expect the US to set up an independent private entity to handle the USA's money, instead the Goverment sets up departments in charge of its finances. The Vatican also has its own financial department, its corrupt and needs cleaning but that is the only thing to be done. You cannot ask an independent soverign nation to surrender its finances to a private institution
As a proud Roman Catholic this makes me very sad and my heart aches for my beloved Catholic Church. :(
@Villa Antulanga There's a huge difference between the sin of Pride and proud. That's the dumbest incoherent statement made possible by you lmao._.
This is only scratches the surface.
Where there is power, there is the abuse of power - in every level. Dont be surprised that the Catholic Church is probably the largest abuser of its power.
1000 years of corruption. Nothing holy or beloved about it.
@@davidesparza3637 1000 years if you’re just biased
I really appreciate FT for this documentary..... I really enjoyed it and it was very informative
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
Am I the only one wondering why the Vatican is investing money randomly instead of improving on the general well being of those in need?
The Vatican may receive funds for the purpose of endowment, in other words funds which are to be invested and through investment yield money which is used to help those in need. Bequests may come with instructions. On the other hand, what quantity of funds is invested versus used in charity could be one of the Vatican’s problems which Francis wishes to change. Most churches operate like businesses in the sense they may not own their own buildings, but these are mortgaged and those mortgages are paid from income produced by endowments.
They are devil worshipping lizards in disguise.
They are a large institution with limited ways to generate cash when required. When times are good, they make investments to grow their money. When times are bad, they sell their investments to keep themselves afloat. If they were to sell all assets to help the poor, then if times turned down, they would go bankrupt.
All ethnic groups have a certain statistical occurrence of pastoral abuse but the Roman Catholic institution is a giant criminal gang now
@@Psyche721 They could only influence believers to help poors and that still counts in my opinion
The church spent $4B closing sexual assault related cases in 2019
That does not include selling real estate to cover the loses due to the pedophile priests
Insane
Yep many of the top people there are all pedos and degenerates.
@@danielt.3152 how about pedophile teachers who abuse 5 times higher than priests and clergy
Shockingly the european court has decided that people who have been abuse in Europe can't sue.
Very informative video. Please do more of this long form content. Keep up the good work.
Excellent report. Looking forward to the next chapter.
GOD BLESS YOU SIR ❣️
Whataboutism is a weak argument, but seriously, the Vatican Bank is hardly the only one in need of some serious looking at, right? By definition, any bank based in London ought to have been given a close looking over.
"whataboutism is a weak argument but let me still use this opportunity to deflect blame from a nation state with vast amounts of wealth and political power. Look at the banks instead!"
@@juhakosonen4024 🙏. Well said
This isn't a bank, this is the Vatican. The pope is a religious leader, he should be held to a higher moral standard. Even the Bible holds priests and priest leaders to higher standards than the people.
@@the11382 No, we should treat the pope the same as the others, hence the other way around.
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
If the Vatican could reform finances as well as they could reform a trasero then I think no one would be poor. Thanks for the reporting.
Would like the hear more details about the London property transaction specifically. How did they purchase a property that subsequently doubled in value and end up losing money on it?
That it's simple someone is stealing in the coffers which they was trying to take care of by bringing in outside help but because of very old customs anything that try to reform that will affect their livelihood that they benefits from hundreds of years. which can undermine the whole existence of the Roman Catholic Church which serve no purpose in today's society and the last thing they want is people asking more question in regards to that. such as them enriching themselves from people that have very little means as well as the cover-up of sexual abuse of children. Is already difficult to see the difference between an organized criminal group and their Institution. in fact, judging by history they go side by side.
The price increased before the Vatican paid for it. In 2012 the bldg was valued at 130m GBP, in 2014 when the Vatican paid for the bldg, it cost 200m GBP.
@@TheRealSpeedWolf public school teachers do 5 time more abuse than clergy
@@m-hayek1985what does that have to do with this comment? You seem lost lol
"It seems in today's world the power to absolve debt is greater than the power of forgiveness....... 600 million dollars"
Or more as the liability has not been sold yet
@@ScheSantiago it was a dialog from Godfather 3
Thank you FT❤️
Interesting video well done FT
As a retired CPA/Auditor/Finance/Banking professional (35yrs) and former Roman Catholic (first 20 years, nearly 73 now) I found the video interesting but not surprising. Large religious organizations are poorly run and often incorrigible the world over. The lack of adequate financial controls even extend to local churches. The roots of the Vatican’s corruptions are nearly two millennia old.
Time to go back to Church: full audits of our sins take place on the Day of Judgement.
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
@@in8187 How does the Vatican 'run' Asia? Most of Asia isn't even Catholic!
@@aclark903 there is so much I can tell you upon this subject brother it's ridiculous. First of all, why is it that everytime the world's religious leaders get together the pope is always in the center? Second why did Biden say that he was speaking to Putin and Xi Jiping recently because they are coming into an agreement to make an autocracy? Third why is it that some of the popes wear Templar crosses on their outfits?
@@in8187 It's not a sin to wear a cross..
Thank you!
The vatican should just have their money in a global index fund like the ACWI. No need for individual money managers, little opportunity for corruption and mismanagement.
That does not work for large asset holders. The disruption on markets would be strong. At some point you are "forced" to venture into alternative asset classes or at least do not simply purchase a publicly traded instrument en masse.
it'll be bigger than most funds' AUM , it won't work
@@Jvksiew exactly this would influence the overall fund and market way too much to.not have it split into multiple asset.types ... They should collab with the Italian finance Dept ..as long as it's not against the Catholic rules etc
The Vatican is worth at least 2 trillion. Don't let this video fool you. They run the world.
First of all, should the Vatican be an institution with focus on profit? The 350 millions they invested should be use to help people that don’t have something to eat.
They are much smarter than you think ...and actually thats how proper charities work. They don't give away the donations to the needy, they invest the donations and give the interest to the needy. The donations continue to make money for hundreds of years and that way there will always be more money going to he needy....smart right
@@francowabongo hahahhahahha!!!!!
This is just as much a hit piece as it is factually accurate or inaccurate. It's no mistake that this piece is coming out at this time in history. What is a church, religion in modernity? How is it connected to the other scandals? Who has been paying for those other scandals?
@@francowabongo effective altruism
@@josephbrennan370 yeah but it's not altruism because none of that money is actually used for charity they just say it's used for it whilst they "invest" or more accurately "pocket" said moneys.
Fascinating, but pls make the title cards longer than 8 seconds
Very good documentary.
No wrongdoing all round ! Three Our Fathers , three Hail Marys and a Gloria , Amen .
Most of the religious organizations are elaborate extraction systems for the ordinary people in all of various religious populations. Money economy politics and governance has been designed for the same extractions from the people.
Mormon Church in the US is so rich that they can end both food scarcity and homelessness in the country and still left $47 billion 😱
@Just a mustard seed Don't know about the Mormons, but the Catholics are doing just that, helping to alleviate hunger and homelessness, all over the world and for the past centuries.
@Just a mustard seed Who do you think they do it for? Napoleon?
@Just a mustard seed Do mormons do it as well in the Name of Jesus Christ? who is not a polygamist Polytheistic being>?
That's $1 for The Vatican lmao
Food scarcity is a problem of supply chains. Homelessness is a problem of maintenance(who is going to maintain all of those homes?).
When a huge institution’s finances are managed by cleric amateurs, everything can occur. It’s time for specialists to be appointed.
The problem is that the Catholic Church is made up of men who at best are clueless and stubborn, and at worst they are all always running a large number of scams to grift money for themselves and their network of allies. Pope Francis is in the minority insofar as he deeply believes in a "church that is poor" and heavily concerned with social and economic injustice; but unlike Francis most high ranking priests are from rich families ane have privileged backgrounds. They deeply believe that the world should stay as unequal as it currently is and that change should always be in the absolute fringes and as little as possible
Lol that’s by design, the Vatican bank was at one point banned by the US government for money laundering for drug dealers.
Yeah sure like trump and maddof :-D
@@tweisbek2 Agreed, as a Catholic myself, the intention of the Church is good but those who govern the church not specifically the pope but the clergy are awfully corrupt. The Vatican must soon realize that they are not just handling a religion, they are handling a country with international status, and they need to appoint people who have professional backgrounds on certain aspects of the Church and the Vatican as a whole. The Roman Catholic Church is the largest Catholic dominion within the Catholic spectrum, they are a giant institution that literally needs a country for it to organize everything because unlike before they don't hold power over other nations' governments anymore. So, they need the Vatican as a nation for them to operate overseas, what they forgot is that a country is susceptible to corruption no matter the state's ideology or beliefs.
This institution was never benevolent since created !!! To be honest this is the times for them cause their not torturing, starting crusades , stealing lands in name of god , there’s no inquisition etc . And their starting to talk about the corruption inside the church !!! This institution since foundation was always for the big important families history can proof that !!!!
wow. Great dramatic music to go with it, too!
Very interesting story. I am not surprised.
Fascinating
I dont think so....Cardinal Pell tried but ended up in jail...later was release...but then theres the code of silence...
Anybody interested in Vatican's finance shenanigans find the book God's Bankers by Gerald Posner. This video barely scratched the surface.
the music at the end... lmao
Rather a hackneyed choice, I thought.
I guess if you've been collecting generous amounts of 'donations' for 2 thousand years from Kings and Peasants you would have built up an impressive collection of gold, real estate, and precious art. Losing a few billion is irrelevant.
Ken I believe the Catholic church is the largest real estate owner in the world.
Every country got plenty of catholic churches and there could be money going to and fro to buy lands for building churches and collect back money perennially from the investment made!
They are the richest religion in the world...since the beginning of time..
Asset-Rich, but currently (relatively) cash-poor.
Great reporting!
The italians do what they want
And this is why Cardinal Pell was got rid of, because he was getting too close to the truth.
He was getting a little too close to choir boys based on their testimony.
@@hordeslayer5223 If you look AT the evidence, he would never have had the time for any of what he was accused of. And the fact there were so many people in that area of the church, at the time it supposedly happened, completely ruled out, even the possibility of such an action. Considering it was his first mass as a Bishop, he had a person with him (not a couple of Choir boys), to help with vestments. And even his accuser said in the end, that he was coerced into bringing the charges. The testimony was from one, the other had passed away before any accusations were brought. I’m not a fan of the Catholic Church, but I am a fan of justice.
"That money was just resting in my account..."
That would be an ecumenical matter
This is why I never donated any money to church anymore, I gave my money to people in needs (nursing home ot orphanage). Also, I usually gave them in form of foods, clothings, or rennovation money. I don't give money in the form of real money.
The money collected after service would go to the local parish and not the Vatican
U sure? I thought theres somesort of royalty to be paid to vatican
@@asdfghjk8876 Guess what, I don't really care. Church has received much money from other people. I'm gonna use my money to help people that are truly in need. I'm paranoid about giving my money to an unknown entity (church is known, but not transparent enough).
@Allah prays to Jesus yes, mine. But i don't publicize it. If i'm giving to the church, that's a large sum of money, that it's not possible to give it anonymously.
@Allah prays to Jesus Yes, whatever. Not putting my oney to those corrupt pastors that have a mercedes benz.
The names of asset ownership needs to be transparent. The public should know the investors in a building or movie they are watching.
You know when he said! About not whom you know! But what what you know about them, it's a pit of vipers..
Shroders Banking Group in UK manage the Vatican finance. At least it's one of the fund managers. Why don't media question the fund managers?
Fascinating how easy they can cut ties when their money is involved... how about the innocence of children?
As a Catholic, I’m in full support of exposing these wolves in sheep’s clothing. Jesus could always say ‘I told you so.’ It’s time to purge the Church of all the scums, be it financial, sexual or political issues.
Whatever you think it's been like, brace yourself, it's much worse. It will come as a dreadful shock to so many. I truly feel for you all.
Can these people be trusted with such a huge amount of money? I always have doubts in these people who claim to be God's people. There is no transparency at all. Poor people donating money to the Church. I just can't imagine all this garbage. It's like during Martin Luther's time about selling indulgences that led to the protestant reformation. I understand that the Catholic Church has 2 trillions in their own bank. How could all this money with no proper respective experts manage it. I have no faith in the Catholic Church.
There's a difference between secret and privacy.
If we can pressure countries to be transparent why can’t we pressure them 🤷♂️
So they make a loss of £100 million and they decide to take it out of money intended to be given to the needy. Why not sell of some of their ridiculous assets?
I wonder how rich the Vatican is, 5 Trillion? Or more?
Guess you want some of that … right..? Well God may not think so..😏
@@franceleeparis37 Im not as low like you who wants stolen riches. Bagag nawng papansin
Certainly much more than that; take into account this institution have been around way before the founding of the USA.
@@antoniofranco6230 i think the churches alone are a nearly immeasurable wealth
The money is another thing, but imagining having total control over millions of people minds. That is scary
Totally off topic, but What is that song in the end?
Kind of strange for holy men to be living in splendor when they preach modesty.
Vatican apartments are a 3.5 star hotel at best. It’s not as luxurious as you think.
@@m-hayek1985 You know .... what are the other aspects of their lives like? How do they travel? What do they consume?
@@m-hayek1985 If the church is having money problems they should do simple things like fire their current "help" and hire new help. Maybe sell off the treasures in the vatican vaults. Or settling stupid lawsuits. I guarantee there's a lot of embezzling and frivolous spending as in every gigantic organization.
@@kennethhurley422 I find it funny how people think clergy live in luxury. Perhaps some Protestant maga church pastors do but the average income of a priest is a 30k pension per year. No salary but a pension form the church. For a bishop it’s around 60k. Some very top positions 100k full max.
To get to the bottom of anything there is quasi impossible ....Centuries of experience in dealings with strange situations give them top advantage...
For the last several years, probably 7-8 years, my husband and I have stopped all tithing except to our local parish and it’s specific needs like insurance, building maintenance, parish charities, and local charities. We only tithe when we have good faith on where the money will go. Not one penny to anything Francis could possibly end up having his paws on.
Yes excellent, that's what is required to drive these demons from the Church and expose their outside funny money from evil sources.
When i was in the dome of St. Peters, one could walk around from one side to the other. On one side was the public toward the river. I noticed people walking around in rags, pushing home made carts by hand, buildings with tile roofs collapsing and in need of repair, beggars on the streets. On the Vatican City side, there were lush manicured gardens with fountains and water falls, palm trees by the scores, blooming flowers everywhere, paved streets, people walking around in flowing white and red robes, a Cadillac Limousine driving toward the building and I thought to myself, how is this fair that on one side of this magnificent building there is such wealth and beauty and on the other side people are living in squalor and poverty, yet they give what little they have to help support the church!! It just didn't seem fair to me!!! This was back in the late 60's, has anything changed? Maybe this is how Donald tRUMP learned how to screw over AMERICAN BANKS and the IRS and the American tax paying public? Sounds very familiar from what is now coming to light in dozens of law suits and investigations against tRUMP.,!!!
Leo Taxil would've loved this.
Pope Francis is not just a Peacemaker with nations of the world, he is making things right in the Vatican, he is a gift from God! Pray for the Pope!
It's a miracle he hasn't been poisoned.
Amen!
@@MisterTutor2010 Because he serving the poor with his heart.
Amen Papa prega per noi
It’s funny , I registered 3 people for world youth day in Lisboa, & the Vatican website never let me pay the 10euro each. We still got into the event , come-on guys.
In the year 2000, Church pardoned the debt of all catholic institutions around the world. We cannot imagine how much was it, as most do social work and most countries have huge numbers of poor people who need support on daily basis... many friers live in total poverty, though the buildings are magnificent, that's what I know that happens in my country. Some people give them support, but they hand it all to the poor - there's no way to take them out of that choice of living in poverty.
This will drag on and on and the people suspected of committing the said crime is still in office. No wonder the independent auditor was forced to resign. Just like all the molestation scandals that rock their church, this will also be swept under the rug in a few years. And no accountability will happen in the end.
Vatikan has to come clean sonehow with whatever financial sin is holding them down for over 50 years now.
I feel like I just watched a documentary about a fortune 500 company and not a church.
It's a big business
they basically control the world
I’m sure corruption on some level plays a part in this. But besides that can someone explain why the Vatican is in need of such vast amounts of wealth? It’s a church not a corporation.
It's not everyday you hear Lacrymosa in a Financial Times video
Please atleast upload 1080p full HD
That money was only resting in my account- Rev Fr Ted Crilly PP
You don't need a church to pray oh great spirit is everywhere
well it is no wonder after all reiigions are business too.
That's rich, the vatican calling out ANYONE.
So complicated that I’m none the wiser after watching this video lol
The RCC would not have been in this position if it had contented itself with the teachings of the Scriptures. If it had done so, they never would have accumulated the wealth that is at the center of the scandal here. Instead it would have gone to the relief of Catholic laity. Sure, the church buildings would be humble structures and the teachers in the Church would go about in humble clothes, but that appears to be precisely what God wanted.
the Pope agreed to implement policies without my approval and this is why he needs to review this decision otherwise he knows the outcome, compromising would be beneficial to everyone while if you insist to control the entire project isn’t a wise decision
I’m confused… what is your authority that suggests the Pope should receive your approval for these policies?
Archbishop Vigano started pealing back this curtain years ago, and is being chased around the world because he knows too much and is honest to a fault.
They are dripping in the blood of the saints,never forget that
💯 The protest is never over. God bless the martyrs.
Mark 8:36 36 For what shall it profit a man, if he shall gain the whole world, and lose his own soul?
Ancient proverb “a fool and his money are soon parted”
The background music here could have been 100x better.
The Vatican is such an intriguing place. Full of mystery and Wonder.
And corruption.
I hope that there is no crazy and stupid conspiracy theories about the Catholic Church in this comment section! Keep it sane everyone and stop bearing false witness against us!
Only an idiot or a con artist could "lose" money on this London property deal. My money is on the conman
Casino Night at the Vatican is a blast!
You should see Bingo night!
16:20 Whaaaaaaaat !
Financial corruption is the last problem they have...
Ahhhh London. This is the most London thing ever 🤣
It's sounding a lot like what's happening everywhere with many different individuals
@19:36 someone tries to give the Pope a bag of Lidl coffee...
The most powerful and dangerous cartel in the world!
《What you know about who you know》 ☆
“There were also false prophets among the people, just as there will be false teachers among you, who will introduce destructive heresies and even deny the Master who ransomed them, bringing swift destruction on themselves.” 2 Peter 2:1
The Italians were running their cool side show until the argentine came and stating poking his nose in things. then it got steamy
Buongiorno ~
@21:09 mentions Credit Suisse. So if Credit Suisse is involved, there must be fraud.
What is the name of the song used in this video?
Found it by searching it on google via music voice - its called Requiem in minor K.626, Sequentia: III. Lacrimosa by David Tobin and Jeff Meegan
I gave up on any expectation of moral high ground long ago. Long ago.
Read the 2 books …. Vickers Of Christ .. In Christ Name… I am a catholic I won’t even begin to tell you my story …. How ever my Eldest cousin was Jesuit Priest spent a few years in the Vatican he left the order and came back to Australia got married. I have never been told by the family what happened but had some hints
midnight mass vibe
Yet Another Reason, I'm happy I am athiest.
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