The Vatican Bank was Banco Ambrosiano's main share-holder. Paul Marcinkus, head of the Vatican Bank from 1971 to 1989, was indicted in Italy in 1982 as an accessory in the $3.5 billion collapse of Banco Ambrosiano, one of the major post-war financial scandals. Banco Ambrosiano was accused of money laundering activities for the mafia and Propaganda Due (aka "P2"), an outlawed masonic lodge, led by neofascist Licio Gelli. P2 and its headmaster Licio Gelli worked with Gladio, the secret NATO anticommunist paramilitary organizations. Marcinkus never came to trial in Italy, where courts ruled that as a Vatican employee he was immune from prosecution. He lived in retirement in Sun City, Arizona (US) until his death on February 21, 2006.
The Vatican Bank refused to admit legal responsibility for the Ambrosiano's downfall but did acknowledge "moral involvement", and paid $241m (£169m) to creditors. As of 2006, investigations are continuing concerning the murder of Ambrosiano's chairman, Roberto Calvi, which, according to Ernest Backes, former #3 of Clearstream, may have been linked to the death of Gérard Soisson, who used to work for Clearstream, a "bank of banks" which practices financial clearing.