Page 17 of The Medici Return

But were they both Medici?

Faith would not be enough to answer that question.

He had to know for sure.

And there was only one way to find out.

CHAPTER 9

JASON REALIZED THAT HIS MEETING WITHERICCASABURI WOULDquickly be known throughout the Vatican. Eyes and ears were everywhere. But there was no avoiding it. The Vatican ran on a constant dose of rumors and secrets. As did the bank. Which prided itself on discretion. Even its name, the Institute for the Works of Religion, screamed anonymity. The whole thing was operated by a convoluted system of tiered authority. At the top stood the five-member Commission of Cardinals, which appointed a prelate, who acted as secretary of the commission. Then there was a six-member Board of Superintendence that defined strategy and supervised operations. Finally, a directorate was in charge of everyday operations, accountable directly to the Board of Superintendence. Lots of layers. Plenty of people. All designed, in theory, to make corruption less possible.

Historically, the Vatican published little about its finances. Such a small place. Encompassing only 110 acres. With a population of under a thousand. But while small in size, it had a huge impact in the financial world through investments in banking, real estate, and private enterprise. Revenue poured in from a variety of sources. Donations from Catholics and dioceses around the world made up a large part. Admission fees from museums, tours,stamps, coins, and the sale of publications generated more millions. But investments accounted for an ever-growing percentage. Historically, the Holy See spread its money between stocks and bonds, buying and holding only proven performers. Mainly in industry. The portfolio also included Western European currencies and bonds, some activity in the New York Stock Exchange, and real estate around the world. Lots of real estate. But revenues had long not kept pace with expenses. Deficits were routine. Currently they ran about fifty million euros a year in the red. Popes, the present one included, had routinely ordered a reduction in operating costs. But that had proven impossible. Pundits loved to float a total net worth at around thirty billion euros. The famous quote, attributed to no one in particular, was thatif the church would sell everything it had, it could eliminate poverty in the world.

But he knew how false that statement was.

True, the Holy See was land-rich from its churches, schools, presbyteries, hospitals, nursing homes, office buildings, condominiums, even a huge number of mobile telephone towers. Tens of thousands of properties scattered around the world. But no one knew their true value, appraisals either nonexistent or woefully out of date. Further complicating things was the fact that many of the properties were aged and run down, their maintenance costs enormous, which more than offset their value. Of course some of the greatest artistic treasures in the world, accumulated throughout two thousand years of Christian history, lay within the Vatican. Their worth? Immeasurable. But not a one would ever be sold.

Last year the bank reported a profit of $41.5 million. The bank’s assets—valued at about $6 billion—consisted of investments and deposits from almost fifteen thousand account holders, which included clergy, Vatican employees, and Catholic religious orders around the world. The math was simple. Fifty million in revenue from the budget. Forty-one million in profits from the bank. Which, while not eliminating, definitely cut into the deficit. So the pressure was on to maximize profits. And they’d made some bold moves. Diversifying the portfolio and increasing the annualreturn by multiple percentage points. Then they’d taken the next step and bought even more real estate, the idea being to flip it for a quick profit. Some of those purchases were made in Ireland and England. Where all the trouble began, with the bribery and corruption that had resulted in indictments and now a trial.

He stood outside.

Another warm, humid summer day in Rome.

He was more accustomed to the mild temperatures and dry air of central Germany, where he was born and raised. But this was the center of the Catholic world. Where everything meaningful happened.

And he loved being a part of it.

His friendship with the pope, which dated back over a decade, had been one of those fortuitous things. He had the papal ear. He wondered if his old friend knew anything about aPignus Christifrom the sixteenth century. An obscure piece of Catholic trivia from a long, long time ago. It certainly had no place in the modern world. Collateral now had a much different substance and definition. But five hundred years ago the pope’s word had carried much weight. Accompany that with a sworn promise to God? And you had a powerful document.

His first inclination was to make inquiries and conduct a search. But anyone in their right mind at the Vatican would have destroyed that promise long ago. No writing, no debt, no obligation. Of course, the Medici would have a copy. But if they did, and it still existed, why had it not been discovered? True, the Medici died out in the mid-eighteenth century. But what about before then? Two hundred and thirty years passed after 1512 without a mention.

Which was strange.

He started walking.

He’d kept to his schedule for the afternoon, trying not to seem anxious or alert to any of those eyes and ears that were everywhere. He’d waited until nearly 5:00P.M.before leaving his office. The entire situation with the ongoing fraud trial was a problem. Thankfully, that did not involve him. The Commission ofCardinals had been briefed on all the particulars of the case, and prosecutors had been assured that there would be no Curial interference. The trial would go where the evidence led. That statement had been supported by personal assurances from the pope himself. Everyone was genuinely shocked by the allegations. The conspiracy was far ranging and deep, exposing many flaws in the Curial system that had allowed the thefts. No surprise there, though. The entire Holy See was overloaded with bureaucrats and competing departments that stayed in foot-dragging mode.

“Eminence.”

He stopped at the sound of someone calling.

“Eminence. Please wait.”

He turned. A young priest was hustling across the cobblestones his way.

“Forgive me.” The acolyte came toward him and stopped. “I went to your office and was informed you had left.”

“I have business elsewhere.”

The young man was winded. “I understand, but the Holy Father would like to see you.”

The pope? “About what?”

“I do not know, Eminence. But I was sent to find you.”

“Thank you for the message. I will contact his office and arrange a meeting at His Holiness’ convenience.”

He turned to leave.

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