Niccolo Mainoni

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 Ambrosianos balance sheet looked good. Calvi's bank borrowed money, it loaned money, and it collected interest and then repaid those original debts.

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 Ambrosianos 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.

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.

Sneaky. This was Calvi's way of driving up the bank's share price and cementing his power.

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 Tirona's raid and the list of P2 members hit the media.

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 Tirona's raid and the list of P2 members hit the media.

Authorities started to ask questions about Calvi. Why was he on this shadowy list? Who was 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.

Authorities started to ask questions about Calvi. Why was he on this shadowy list? Who was 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, for right-wing dictators, let alone newspaper ventures. But Jelly threatened Calvi. If you can't pay me, I have no use for you.

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, for 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.

Calvi was at a loose end. His wife recalled those moments in a grainy PBS interview.

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.

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.

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 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.

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 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.