Friday 4/11: PLEASE NOTE: Not surprisingly, the US again refused to sign the deal to give BRICS their fair share of control of the world financial system in meetings on April 10th and 11th in Washington DC. Additionally, JP Morgan has cut off banking services for all foreign diplomats in the US. We are modifying and updating our next post in response to these major developments.
Just as I was preparing to publish this, we had another tragic mass shooting in Colorado.
The move is a blow to the Vatican's drive to have its bank included in Europe's "white list" of states that comply with international standards against tax fraud and money-laundering.
The bank, formally known as the Institute for Works of Religion (IOR), enacted major reforms last year in an attempt to get Europe's seal of approval and put behind it scandals that have included accusations of money laundering and fraud.
Italy's leading financial daily Il Sole 24 Ore reported at the weekend that JP Morgan Chase in Milan had told the IOR of the closing of its account in a letter on Feb. 15.
The letter said the IOR's account in Italy's business capital would gradually be phased out starting on March 16 and closed on March 30.
In Milan, JP Morgan Chase declined to comment and the Vatican also had no comment.
"Bob Diamond has quit as chief executive of Barclays bank in a shock twist to the rate-rigging scandal.
Marcus Agius, who anounced his intention to resign as chairman only yesterday [July 2nd], is to take over the running of the bank while a successor to Mr Diamond is found.
The announcement was unexpected in that Mr Diamond had made it clear to staff in a memo 24 hours earlier [July 1st] that he had no intention of falling on his sword - saying it was his responsibility to restore the bank's reputation."
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