Wednesday, June 15, 2022

Ghost of the Papal States

 From Crux:

In the 1850s, a young Italian noble named Giovanni Pietro Campana succeeded his father as head of the Monte di Pietà, which, at the time, effectively served as the pawnbroker of the Papal States, making small loans to commoners with their meagre property as security. The young Campana was also an avid art collector, and repeatedly arranged for loans to himself to finance the purchase of additional items for his collection.

Doing so technically violated the law of the Papal States, but Campana made the loans to himself with the full knowledge and support of Angelo Galli, at the time the finance minister of the Papal States, and other potentates at the papal court. Over a three-year period, Campana “borrowed” roughly $200,000 from the papal institution, a figure that easily would reach into the tens of millions today, which would have been impossible had anyone in power objected, and which he seemingly had no real intention of ever paying back. (Read more.)
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