Travel How the Vatican used the donations to speculate on the bankruptcy of Hertz

15:30  08 october  2020
15:30  08 october  2020 Source:   france24.com

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The Vatican invested some donations for the poor and needy in derivatives that bet on the creditworthiness of Hertz , the US car rental company that defaulted on its debts earlier this year, according to documents seen by the Financial Times. In 2018, Pope Francis said credit default swaps

Every year, Catholics donate tens of millions of dollars to the pope’s main charitable appeal, called Peter’s Pence. Most of that collection goes toward plugging the hole in the Vatican ’s own administrative budget, according to Only 10% of donations to the Peter’s Pence collection go to charitable works.

Comment le Vatican a utilisé les dons pour spéculer sur la faillite d'Hertz © Stefan_Redel / Getty Images How the Vatican used the donations to speculate on the bankruptcy of Hertz These investments were under the control of Cardinal Angelo Becciu who was recently pressured into resignation by Pope Francis.

These are revelations embarrassing to say the least for the Vatican. Donations aimed at the poor and needy have been invested in recent years in derivatives linked to the Hertz business, reports the Financial Times . However, the car rental company declared bankruptcy last May . The Vatican is doing well since the credit default swaps (CDS) bet on the fact that this would not happen before April 2020. A period of a few weeks which will therefore have enabled the Holy See to avoid the worst.

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Hertz filed for bankruptcy last month, which means its stock will likely soon be worthless. But that isn't stopping the rental car giant from looking to sell even more shares.

The last few weeks have seen some high-profile bankruptcies , with rental car major Hertz , retailers Even when shareholders participate in the bankruptcy plan, their stake is substantially diluted. Trefis is currently used by hundreds of thousands of investors, company employees, and business

The money was invested in the name of the very powerful Secretariat of State, the central administration of the Vatican. From 2011 to 2018, Cardinal Becciu held the position of number two there. It is this institution that has the responsibility of administering the gifts made by the faithful throughout the world. In July 2018, Pope Francis published a letter particularly critical of the CDS. He believed then that they "can cause tremendous damage to entire countries and millions of families." According to information from the financial daily, he knew nothing about these transactions.

>> To read also - The Vatican expels a precarious family from an apartment it owns

As Le Monde explained at the end of September, Cardinal Becciu, who was one of the most powerful in the Vatican, was sanctioned . Deprived of his post at the Curia, he will no longer be able to participate in the conclave which will elect the next head of the Catholic Church. If no official reason was provided at the time, these are questionable investments, made in London, in 2012, which would have been in the sights of Vatican justice. He was also believed to have favored family businesses. While he was not accused of any crime by the Vatican, the cleric nonetheless assured that he had committed no wrongdoing and vowed to prove his innocence. Other investments made by Cardinal Becciu include funding for the 2019 film Rocketman, a biopic about musician Elton John.

>> To read also - The coronavirus puts the Vatican on a dry basis

With Demand at an All-Time Low, Can Hertz Survive? .
Car rental company is already going through bankruptcy.With travel demand at an all-time low and only incrementally increasing, so is the demand to rent a vehicle upon arriving at a destination. It’s just simple math – fewer people taking flights or railroad trips means fewer people showing up at the car rental counter.

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