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Niccolo Minoni
Friends of the POD Subscribers can listen to the full season of Shadow Kingdom right now. Join friendsofthepod@crooked.com friends or on Apple Podcasts.
Campsite Media
Campsite Media.
Niccolo Minoni
As the sun rose on a spring day in 1981, police officers in unmarked cars drove south from Milan, past fields, farms and small towns until they arrived at a mattress factory and knocked on the door. These men were working with Judge Giuliano Turone. Turone was famous for investigating the Mafia in Milan, Calvi's hometown. He was convinced Calvi was involved with the mob. Turone retold the story to me.
Roberto Calvi
Roberto Calvi was the money laundry man of the Corleonesi, Luciano Liggio, Salvatore Riina, etc.
Niccolo Minoni
But on this day, Toroni wasn't actually investigating Calvi. No. Instead he'd received a tip that bordered on conspiracy theory that in this factory town there could be evidence linking the Mafia with an illegal underground branch of the Freemasons. He took the tip seriously, hand picking officers for his team and keeping the raid confidential, even from other cops. Turone was worried that local police would tip off the Masonic group.
Roberto Calvi
I wrote down an order. You have to go in complete secret.
Niccolo Minoni
The police pushed open the factory doors and were greeted by a secretary who led them to the second floor. As the officers climbed upstairs, they weren't quite sure what to expect. They were hoping to find a paper trail of where the Mafia was moving its money. So they scoured desk drawers and bookshelves for documents, all while a secretary kept a close and silent watch on them. It didn't take long until they found a briefcase belonging to the factory's owner, Liccio Gelli.
Roberto Calvi
We knew that Liccio Jelli was a powerful person. We knew that he was protected and we did not know the names, but we knew that he had faithful persons among the carabinieri, even the finance police.
Niccolo Minoni
When police opened Jelly's briefcase, they were in for a shock. Inside were documents that looked like a sprawling blueprint for a new world order. They were all about bringing Italy back to its glory days under fascism. Jelly had written A manifesto wherein Freemasons would carefully infiltrate the government by tie up all the major media outlets, destroy unions, silence journalists, take over the military and eliminate communism. Turone's men looked back and forth at each other and then at the papers. What the hell had they just stumbled upon? At best, they thought they'd find a mafia linked safe house or where dirty money was stashed. But cryptic documents about a shadowy government takeover? They definitely didn't see that coming. And they still had more of the factory to search. Meanwhile, the secretary just kept watching and waiting.
Roberto Calvi
They had asked the lady whether there was a safe, and the lady said, yes, that is the safe, but I have not the keys.
Niccolo Minoni
Jelly had a safe there. Great. But Jelly's secretary didn't have the keys. Not so great. It didn't take long, though, before Turone's men noticed the secretary fiddling with her purse.
Roberto Calvi
And the lady said, I have to go for a phone call.
Niccolo Minoni
As the secretary made her way down the stairs, she pulled something shiny from her bag. It looked like she was going to pass a set of keys to someone who had just arrived. One of the cops, though, snuck down the steps, rushed behind the secretary and actually grabbed the keys out of her hand. She was stunned for a moment, then recovered and said, be careful about what you're doing. My commander is a very powerful person. Turone's men ran back up the stairs, found the safe jammed, the key in the lock. Inside were what looked like loyalty oaths to a branch of Freemasons called Propaganda Due. Signed documents that declared each member would obey the Masonic Lodge and the Grand Master.
Roberto Calvi
You could find Carabinieri, Guardia di Financa Parlamentari.
Niccolo Minoni
The SAYF held oaths from the country's most powerful military officers, from journalists, diplomats, professors, judges. There were at least 30 members of Italian parliament, two under secretaries, government ministers, even future Prime Minister Silvio Berlusconi. According to these oaths, they had all joined Propaganda Due. Turone's men seem to have stumbled upon a master list of Propaganda Due members in Italy and beyond. And right in the middle was Roberto Calvi's name from crooked media and campsite media. This is Shadow Kingdom, God's bank. I'm Niccolo Minoni and this is episode three, the Grandmaster.
Roberto Calvi
Government number 40 collapsed yesterday under the weight of a most unusual scandal.
Campsite Media
There had to be a hidden motive.
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Niccolo Minoni
Have yet to crack.
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Niccolo Minoni
You figure it out.
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Niccolo Minoni
After I spoke with Turone, I was kind of dumbfounded. Now I talked to both a Mafia insider and a Mafia prosecutor, both of whom believed that Calvi was working with the Mafia. But Turone was adding another super secretive group into Calvi's world. What the heck was Propaganda Due? Even the group's name was mysterious. Propaganda 2. Was there propaganda 1? What was this shadowy group and why would Calvi, a fairly public banker, get involved with them? Well, I learned that propaganda due or P2, they're not your average Freemasons. Freemasonry's origins are murky, but it likely started 500 years ago as a trade group for actual Masons in Scotland, as in stone and brick masons. From there it spread to other professions and countries, eventually reaching the Americas.
Roberto Calvi
56 men gathered together on July 4, 1776 to institute a new kind of government among men. 31 of them were members of Masonic lodges. Benjamin Franklin, Robert Livingston, John Hancock, the list goes on.
Niccolo Minoni
George Washington, Alexander Hamilton, Paul Revere, all Masons. There are still Masonic lodges and halls peppered around the U.S. generally it's more of a brotherhood type of community organization. But P2 in Italy was a very different elite kind of Masonic brotherhood. A bastion of uber wealthy, occasionally hooded men plotting world domination. So obviously I started digging deeper into what P2 was. It turns out though that this is hard. If you're ever looking for an easy way to challenge yourself, you might try reporting on a secret Italian society from the Cold War. I tried calling former members, friends of members, investigators. And sometimes I'd get through. As I said before, I'm woozy just following up and saying we would still really really love to hear your thoughts. But when I told them I was interested in P2, they'd go off the record or just ghost me. The world of P2 Freemasons, I learned, was a world of smoke and mirrors, of double entendres and Cold War intrigue. But I was able to piece together eyewitness accounts from Pitou's early days. Picture a mansion hidden on a remote hill in Tuscany. Menacing looking sculptures in the courtyard, including stone serpents with security cameras hidden in their eyes. Inside, exquisite marble halls lined with hanging portraits of 20th century dictators, Peron, Mussolini, Hitler. Around a marble table you might find a handful of new P2 initiates dressed in satin robes, faces obscured by black hoods, sitting next to their grandmaster, Lico Jelly, the only one who shows his face. He boasted about this ceremony. Years later on tv, Jelly described the dark uniforms, masks and symbols of a flaming sword. He was the only one who knew all the recruits identities. According to one account, Jelly would lift a small axe above a table and slam it down asking for new members to enter. The initiates were blindfolded, sweat maybe dripping from their forehead as the Grandmaster began to question them. Are you prepared to die in order to preserve the secrets of propaganda due? Do you proclaim yourself an anti communist? Are you prepared to fight and face death so that we may destroy this government? The initiate would say I do. And then the blindfold would be removed. So these colorful details of the ceremony come from the firsthand account of a P2 member. It's a theatrical induction that Jelly likely reserved for his fanciest recruits. And I want to zoom in on Geli for a moment, the man who recruited Calvi and made P2 what it was. I learned that in the 60s when Jelly joined the Italian Freemasons. These guys were largely democratic and apolitical. But as Jelly rose to power, he remade his local group, P2, in his image. Anti communist and pro fascist.
Campsite Media
Very pro fascista e muriro fascista.
Niccolo Minoni
Jelly said, quote, I studied with fascism, I fought for fascism. I am a fascist and I will die a Fascist. I realized after listening to hours of tapes of this guy, that for geli, World War II had never really ended. He came of age under Mussolini when Italy was unified by a strong right identity and a single leader. To him, the Italy of the 1970s, around the time that Calvi was ascending, wasn't social freefall. Divorce and abortion were legal. The streets were filled with hippies, liberals and communists.
Campsite Media
The battle lines have been forming.
Roberto Calvi
Extreme right wing liberal party to the Communist party have had a tenacious fight with the Vatican.
Campsite Media
Italy, one of the most Roman Catholic.
Roberto Calvi
Countries in the world and home of the Vatican, legalized abortion. Today, Italy has inflation, unemployment and an impotent government. Political terrorism and street violence at the same.
Niccolo Minoni
The P2 leader was obsessed with restoring order to Italy. He wanted to demolish democracy and bring back a dictatorship. On a certain level, Calvi's connection to geli and P2 made sense. Calvi did volunteer to fight for the Axis powers. He was a rich banker, certainly anti communist. But this was much more radical than anything I'd previously heard about Calvi. I knew Calvi wanted to be rich and powerful, sure, but I didn't get the impression that he wanted a far right takeover of the state. At this point in my research, in my quest to figure out who killed Calvi, I felt like I was yet again tripping face first into a wall of absurd conspiracies. I mean, a secret society plotting a national coup? Come on. I needed to find an anchor, Someone to comfort the English side of my brain. Someone that could say there's a perfectly reasonable explanation for all of this. That's when I found an American in Europe who could relate to exactly what I was going through. I called him up when I was in Italy.
Campsite Media
I was a financial journalist. I was interested in the Calvi story. They said his body was found in the city of London. And so I grabbed a cab and went to the city of London. It was just on an impulse.
Niccolo Minoni
Larry Gerwin wrote one of the first books on Calvi after he died. And he interviewed scores of Calvi's friends and family. He also felt this overwhelming sense of paranoia from Italians.
Campsite Media
I'll give you a concrete example from the Calvi case. During my research, I wanted to interview Roberto Calvi's brother, Leone. And I couldn't get an appointment with him. I eventually tracked him down and when I said I was working on a book, he says in Italian he says, per conto di chi, you know, on whose behalf are you writing this book? And I tried to explain to him, this is a commercial venture, I'm a professional writer. But it was beyond him. There had to be a hidden motive. There had to be, like some enemy of Calvi who was secretly paying me to write this book.
Niccolo Minoni
Through his research, Gruen was able to sketch the details of an early meeting between Calvi and Jelly. It was around 1970, a decade before the raid on P2, and Calvi was still a mid level executive looking for a leg up. His then mentor, Michele Sindona, recommended Calvi to Jelly. When Calvi entered Jelly's office, he saw a wide desk with letters from senators, CEOs, celebrities. Exactly the type of people Calvi had always wanted to hang out with, always wanted to be. So I can imagine how flattered and how charmed Calvi must have been when Jelly told him, we want you, Calvi, I want you.
Campsite Media
Jelly was like a spider with a web. And he got Calvi into his web, talking to Gerwin.
Niccolo Minoni
There's no doubt that when Jelly looked at Calvi, he saw dollar signs or lira signs, I should say. Calvi was an up and coming executive in one of Italy's biggest banks, a bank that was increasingly international in its business. And that was handy because Geli's pro fascist, anti communist ambitions weren't limited to Italy. At one point, Geli was planning weapons sales to Argentina. Another time he wanted to orchestrate oil transfers in Libya. Calvi could move money quickly and secretly to make those deals happen.
Campsite Media
And the importance of P2, purely from the Calvi point of view, was that they claimed that they could help him.
Niccolo Minoni
In return, Jelly offered Calvi connections and protection. If Calvi joined P2, Jelly said he could start doing favors for him and help him get promoted.
Campsite Media
Telling him, I can help you because I know these politicians or I can. I have influence with the magistrates or whatever.
Niccolo Minoni
So Jelly cultivated an aura that only he had these connections. Only Jelly could connect Calvi with important politicians and executives. He could get the Nobility to respect Calvi in a way the banker had never been able to do on his own. Calvi loved the idea of this. He was new to being rich and very preoccupied, borderline paranormal with the idea of an elite cabal running Italy.
Campsite Media
If you told him some conspiracy theory that there's a group of people sitting in a room who decide the fate of the world, he would be very inclined to believe this. This is one of the things that made him vulnerable to being manipulated.
Niccolo Minoni
Being part of P2 meant that no one would mess with you, and if they did, you'd have very powerful friends on your side. And this was also really appealing to Calvi because Italy wasn't the safest place at the time.
Campsite Media
Rome the evening police patrol leaves headquarters.
Niccolo Minoni
It's a routine exercise, but it's taking place during the tensest moment in Italian post war history.
Roberto Calvi
Since March 16, Italy, which has known continuous economic and political uncertainty, uncertainty for.
Niccolo Minoni
A decade, has been without its central political figure.
Roberto Calvi
A former mayor of Turin, Italy, was shot and wounded today outside his home. Italy has inflation, unemployment, political terrorism and street violence. Two sons of a neo Fascist official.
Campsite Media
Died after someone poured gasoline under the.
Roberto Calvi
Door of their apartment and set it on fire.
Campsite Media
Neo Fascists.
Niccolo Minoni
But the Italy was going through an economic boom, but it was also extremely dangerous. My parents remember this time well. I grew up hearing stories about how their city was bombed, how you'd hear gunshots in the night. These were called Yanni di Piombo, the Years of Lead. Because there were thousands of shootings and terrorist attacks from the Mafia, the communists and the neo fascists. Society was extremely unstable. Every bank executive could be kidnapped for ransom by domestic terrorists, or they might have their bank raided by left wing regulators. Geli could sense that Calvi was afraid of the world around him. A fear that bordered on paranoia. And the grandmaster fed it by inventing threats to Calvi that P2 could magically.
Campsite Media
Take care of Somebody like a Jelly could say to Calvi, I heard that there's going to be a surprise inspection of your bank on Monday, and I think I can get it called off. And he comes back and says, I got them to call it off.
Niccolo Minoni
Jelly would call Calvi multiple times after the first meeting. He'd say, there was an attempt to arrest you or there was an attempt on your life. But I foiled it. And somehow Calvi felt safer.
Campsite Media
This raid on the bank, it never happened. Jelly's worth his weight in gold. That's the kind of naivete that he had. And then he sticks his hand out and Calvin gives him some money.
Niccolo Minoni
P2 had connections to media, business leaders, judges, police, spies, even the Mafia. And Calvi wrote in later letters that Jelly had me convinced that all political and financial power really depended on him. And so, according to Gurwin, by the summer of 1975, Roberto Calvi was sold. He pledged himself to the Freemasons and pledged himself to Leecho Jelly. His signed, sealed oath went into Jelly's safe. From there, it only took Calvi a few months to reach the pinnacle. Promotion to chairman of the Banco Ambrosiano. Roberto Calvi's ultimate goal. The thing was, he had tied himself to Licho Jelly and the P2 Masons. He owed them. They expected his loyalty. And there's a reason nobody wanted to talk with me about propaganda due. People who defied or even slighted P2 met with violent ends. Very violent. That's after the break.
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Campsite Media
Will that be cash or credit?
Niccolo Minoni
Credit. 4 Galaxy S25 Ultra. The AI companion that does the heavy lifting. So you can do you get yours@samsung.com compatible with select apps. Requires Google Gemini account. Results may vary based on input. Check responses for accuracy. As my conversation with Gerwin went on, I became increasingly disturbed. Here was yet another well respected journalist who covered Calvi at the time. And here he was confirming the more conspiratorial parts of the story. I asked Irwin about the documents Tirona's men found in Jelly's office. The ones that included plans for a takeover of the Italian state.
Campsite Media
There's something called the strategy of tension.
Niccolo Minoni
Are you familiar with that term, strategia della tensione? It meant that violence was at the heart of Jelly's plan. He wanted to destabilize the country through kidnappings, shootings and mass arrests. Then when people were looking for answers, P2 controlled media outlets would pump out propaganda about how nice it'd be to have a strong man fix everything.
Campsite Media
The right wingers would do a false flag terrorist attack, something that they would design in such a way that the left wingers would be blamed for it and that this could justify a lurch to the right, an authoritarian lurch by the government, because people would be fed up. Look at those horrible lefties who did this terrorist attack. We need tougher police. We need to crack down on people. We need to go lock up all these left wing people, when in fact it was the right wingers who planted the bomb.
Niccolo Minoni
Communist groups were staging student revolts and worker strikes, some of which turned violent. But what Gerwin is saying here is that some fascist groups, including possibly P2, planted terrorist attacks that they then blame on the communists.
Roberto Calvi
A massive explosion today in a train.
Lumen Representative
Station in Bologna, Italy, killed at least.
Roberto Calvi
Seven, killed 76 people and injured almost 200 more.
Campsite Media
It may turn out to be the.
Advertiser
Most serious terrorist incident to have occurred in Western Europe.
Campsite Media
They view it, oh, this system is completely rotten, completely corrupt, completely illegitimate. Therefore it's okay to blow up this entire building or to kill these thousands of people. You know, that's the mentality you get. It's really crazy.
Niccolo Minoni
And after Calvi became bank chairman, Geli started regularly pressuring Calvi to fund some of his other P2 projects, propaganda projects to build on the P2 playbook.
Campsite Media
He manipulated Calvi to just an incredible degree. He got Calvi to buy a media company, Rizzoli Corriere della Serra, which is one of the most important print media businesses in Italy. And they own Corriere della Serra, which is the most respected newspaper.
Niccolo Minoni
With Calvi's help, Jelly filled the ownership board, the editorial board, and the writers room with P2 members. From there, Jelly got Calvi to invest in foreign mining, construction, real estate, banking, even arms deals.
Campsite Media
They took money from him. They manipulated him into doing things that were bad for the bank.
Niccolo Minoni
One day the Grand Master would ask for help with Saudi construction projects. Another day he'd get Calvi to open a friendly Argentine bank. Each deal got Jelly closer to powerful leaders who shared his politics, at least his hatred of communism. Peron, Noriega, even Ronald Reagan. And it didn't seem to matter how many times Calvi helped Jelly. There was always another request, always another business opportunity. So not that long after Calvi's promotion, Gurwin said he was losing millions, hundreds of millions of dollars. But rather than risk his precious job, Calvi covered up the losses.
Campsite Media
And so Calvi had to reassure creditors that Ambrosiano was okay. Everything was cool. Don't worry. So what does he do?
Niccolo Minoni
Calvi built a financial network so big and so complex that no one, even inside his bank, could follow his moves. And losses. A labyrinth of foreign banks and shell companies, all owned by the Ambrosiano in Milan.
Campsite Media
So the bank in Milan owned the Luxembourg holding company. The Luxembourg holding company, in turn owned a bank in the Bahamas, one in Nicaragua, one in Panama, one in Peru, et cetera. And the bank regulators in Italy had no insight into what they were doing.
Niccolo Minoni
Gurman helped me understand this was Calvi's greatest skill, and also his downfall. He could take big debts and bad loans and, as if by magic, put them in his briefcase and make them disappear. But of course, debts don't disappear. Eventually, they have to be paid back. Throughout the 70s, Calvi would have the Ambrosiano borrow money from big banks around the world. These are big institutions from America, England, Japan, you name it. He'd then take that money and loan it to companies in Europe and the Americas. So on paper, the Ambrosiano's balance sheet looked good. Calvi's bank borrowed money, it loaned money, and it collected interest and then repaid those original debts. What no one knew was that Calvi was loaning that original money to shell companies. He secretly controlled ghost companies that didn't really do anything other than collect Calvi money. But because they were offshore, no one regulator could see what he was doing. And here's the kicker. Some of his shell companies were actually using their loans from the Ambrosiano to buy stock in the Ambrosiano. Sneaky. This was Calvi's way of driving up the bank's share price and cementing his power.
Campsite Media
Collectively, his dummy Companies owned almost 20% of Banco Rosiano, which was enough for him to control the bank.
Niccolo Minoni
Paradoxically, this made it easier for Calvi to hide what he was doing, because he filled the bank's board with yes men. So each time Jelly called Calvi on his private line with a new request, the banker would squirm and then find a way to oblige the grandmaster. Calvi racked up debt for jelly in 1976, 77, 78, 79, 80. Until 1981, when news of Tirone's raid and the list of P2 members hit the media.
Roberto Calvi
Government number 40 collapsed yesterday under the weight of a most unusual scandal. The revelation that nearly 1,000 of Italy's elite, including three cabinets members, were allegedly members of an outlawed super secret, super evil masonic lodge called P2.
Niccolo Minoni
Authorities started to ask questions about Calvi. Why was he on this shadowy list? Who is Calvi loaning money to? How safe were deposits at his bank? In public, Calvi presented a cool, calm demeanor, even denying he was a member of P2. But with all the bad press, Calvi had problems bringing in new investors and depositors. And as his debt mounted, Calvi tried avoiding Jelly. When the mason would call, Gerwin says Calvi's family would cover for him. They'd say, he's in bed, he's sick, he's out. When they did talk, Calvi was a mess. The banker would plead poverty. He didn't have any more money for oil transfers, arms deals, or right wing dictators, let alone newspaper ventures. But Jelly threatened Calvi. If you can't pay me, I have no use for you. Calvi was at a loose end. His wife recalled those moments in a grainy PBS interview. He told me that and was frightened, so frightened.
Roberto Calvi
And he cried. And he said, if they kill me.
Niccolo Minoni
Maybe I will not see you anymore. If they kill me, maybe I will not see you anymore, Calvi told his wife. When things would get tough and it felt like the world was closing in, Roberto Calvi would often retreat to his papers. His physical papers. Remember, this is the late 70s, early 80s. Calvi was old school. This is a rare recording of Calvi's son describing his father's habit. Calvi's son Carlo said that when his father needed to focus, he'd take documents out of his leather briefcase. One by one, he'd lay chart after chart out on the desk. Then, when the desk was full of papers, he'd move to the floor, laying each sheet down on the ground of his palatial office, piece by piece. Then his eyes would dart from one piece of paper to the next, each eye movement representing a movement of cash. It was like a financial opera that only Maestro Calvi could hear. And by 1981, the opera. Opera was tragic. No matter how Calvi shuffled the papers on the floor, no matter how many times he recalculated his accounts and his debts, there was no way to make the numbers work. I can see it now, looking over Calvi's shoulder, the way he kept getting himself in deeper and deeper, how every time he obliged some new funding request from Jelly, it created a bigger problem for him down the road. Was Calvi naive enough to think Jelly and his friends would pay the Ambrosiano back? That he could keep adding new debt while juggling Mafia payments? I picture Calvi sinking into his chair, surrendering doing what human beings do. When everything falls apart, when the darkness overpowers the light, when everything seems lost, I imagine Calvi closing his eyes and praying for help. But while you and I might close our eyes and look up to an abstract God, Roberto Calvi called upon the literal representative of God on Earth.
Roberto Calvi
Good evening. The Pope is in Poland. The leader of the Roman Catholic Church has returned home.
Niccolo Minoni
That's next time on Shadow Kingdom. Covert surreptitious financing back to Poland to destabilize Communism.
Roberto Calvi
The crackdown seemed inevitable, if not by Polish authorities, then by the Soviet Army. I say, listen, I'm very frank. I don't give a shit about you.
Niccolo Minoni
Shadow Kingdom is a production of Crooked Media and Campside Media. It's hosted and reported by ME Nicolomain, with additional reporting by Simona Zecchi and Joe Hawthorne. The show is written by Joe Hawthorne, Ashley Ann Krigbaum and me. Joe Hawthorne is our lead producer and Ashley Ann Krigbaum is our managing producer. Tracy Samuelson is our story editor. Sound design, mix and mastering by Mark McAdam. Our theme song and original score are composed by me and Mark McAdam. Our studio engineer is Iwan Lai Tremuin. Voice acting by Bonnie Biagini, Andrea Bianchi, Ferrante Cosma, Luca De Janaro, Michele Teodori and Mustafa Zialin. Field recording by Justin Trieger, Jonathan Zenti, Pete Schev, Jonathan Gruber and Joanna Broder. Fact checking by Zoe Sullivan. Our executive producers are Me Nicolomini, along with Sarah Geismer, Katie Long and Allison Falsetta from Crooked Media. Josh Dean, Adam Hoff, Matt Sher and Vanessa Gregoriadis are the executive producers at Campside Media. One last thing before we go. You can also listen to Shadow Kingdom in Italian. Look up Il banchiere di Dio wherever you get your podcasts.
Shadow Kingdom: God's Banker – Episode I 3: The Grandmaster
Release Date: March 24, 2025
Host: Niccolo Minoni
Produced by Crooked Media & Campside Media
In this gripping episode of Shadow Kingdom, host Niccolo Minoni delves deeper into the mysterious death of Roberto Calvi, often dubbed "God’s Banker." Calvi, who was intricately linked with the Vatican Bank, was found dead in London in 1982 under suspicious circumstances. Decades later, Minoni receives a pivotal tip that reignites the quest to uncover the truth behind Calvi’s demise.
Minoni recounts a critical moment from 1981 when Judge Giuliano Turone, renowned for his anti-Mafia investigations, led a covert raid on a mattress factory in Milan. Instead of uncovering Mafia-related activities as expected, Turone’s team stumbled upon alarming documents related to Propaganda Due (P2), a clandestine Masonic group with sinister ambitions.
Notable Quote:
Roberto Calvi: "We knew that Liccio Jelli was a powerful person. We knew that he was protected and we did not know the names..." [02:56]
The discovery of a manifesto outlining plans for a fascist resurgence in Italy sent shockwaves through the investigation team. P2’s influence extended deep into Italy’s elite, including military officers, journalists, diplomats, and even future Prime Minister Silvio Berlusconi.
Notable Quote:
Niccolo Minoni: "What was this shadowy group and why would Calvi, a fairly public banker, get involved with them?" [09:20]
Propaganda Due was no ordinary Masonic lodge. Under the leadership of Liccio "Licio" Gelli, P2 transformed into an elite network with aspirations of orchestrating a new world order. Minoni describes elaborate and menacing initiation ceremonies, highlighting the group’s authoritarian and anti-communist ideology.
Notable Quote:
Licio Gelli: "I studied with fascism, I fought for fascism. I am a fascist and I will die a Fascist." [14:39]
The group aimed to destabilize Italy through the "strategy of tension," staging terrorist attacks to manipulate public opinion and justify a shift towards authoritarian governance.
Calvi's ascent within the banking world was significantly influenced by his association with P2. Introduced to Gelli by his mentor Michele Sindona, Calvi was promised protection, connections, and opportunities for advancement. This alliance proved to be both his greatest asset and his ultimate downfall.
Notable Quote:
Niccolo Minoni: "Jelly would call Calvi multiple times after the first meeting. He'd say, there was an attempt to arrest you or there was an attempt on your life. But I foiled it." [22:40]
Under immense pressure from P2, Calvi engaged in risky financial maneuvers, including fraudulent loans and investments in media and international ventures. These actions ultimately led to unsustainable debt and severe scrutiny from authorities.
Calvi’s expertise in creating complex financial networks allowed him to obscure illicit activities. By using offshore shell companies and manipulating the Banco Ambrosiano’s balance sheet, he attempted to mask the bank’s burgeoning debts. However, as investigations intensified following the revelation of P2's influence, Calvi's fraudulent schemes began to unravel.
Notable Quote:
Niccolo Minoni: "Calvi built a financial network so big and so complex that no one, even inside his bank, could follow his moves." [30:26]
Facing mounting debts and dwindling investor confidence, Calvi found himself increasingly isolated. His attempts to appease P2 by funneling funds into their projects only exacerbated the bank’s financial instability.
Minoni contextualizes Calvi’s story within Italy's tumultuous period known as the "Years of Lead"—a time marked by political violence, terrorism, and social unrest. The pervasive fear and instability created a fertile ground for P2’s extremist agenda.
Notable Quote:
Niccolo Minoni: "Society was extremely unstable. Every bank executive could be kidnapped for ransom by domestic terrorists..." [21:25]
The intertwining of political terrorism, Mafia influence, and extremist factions like P2 contributed to an environment where financial corruption could thrive unchecked.
As P2’s influence became undeniable, scrutiny on Calvi intensified. With his financial schemes exposed and his association with P2 revealed, Calvi faced immense pressure from both the authorities and his clandestine allies. His pleas for help and expressions of fear hinted at the growing peril he was in.
Notable Quote:
Roberto Calvi: "And he cried. And he said, if they kill me. Maybe I will not see you anymore." [34:18]
Ultimately, Calvi’s inability to sustain the bank’s façade led to his tragic death, officially declared a suicide but shrouded in conspiracy and suspicion.
Niccolo Minoni reflects on the complexities of Calvi’s entanglement with P2, highlighting the challenges in untangling financial deceit from political corruption. The episode concludes with a tantalizing preview of the next installment, promising to explore the covert financing strategies aimed at destabilizing Communism.
Notable Quote:
Niccolo Minoni: "That's next time on Shadow Kingdom. Covert surreptitious financing back to Poland to destabilize Communism." [36:43]
Shadow Kingdom is a collaborative production by Crooked Media and Campside Media, featuring comprehensive reporting by Niccolo Minoni with additional insights from Simona Zecchi and Joe Hawthorne. The meticulous sound design and narrative structure are crafted by a dedicated team, ensuring an immersive investigative experience.
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Subscribers can gain early access to the full season of Shadow Kingdom by joining Crooked’s Friends of the Pod at crooked.com/friends. For Italian listeners, the series is available as Il Banchiere di Dio on all major podcast platforms.
This summary encapsulates the key discussions, insights, and conclusions from Episode I 3: The Grandmaster of Shadow Kingdom: God’s Banker. For an in-depth exploration, tuning into the full episode is highly recommended.