ITALY: The Generous Lender

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In the Romagna region around Bologna, no man was a more generous lender and spender than Giambattista Giuffrè. To thousands of citizens, he was the selfless benefactor whose savings he increased and whose towns he rebuilt. To the Roman Catholic priests and friars whose works he aided, Giuffrè was, in the words of Monsignor Antonio Bergamaschi, Bishop of Montefeltro, "a generous soul open to any welfare initiative." The Vatican made Giuffre a Knight of the Holy Sepulchre, and the President of Italy honored him with the title of Commendatore. About the good works—the monasteries and Catholic Action centers, the reading rooms, town halls and houses—made possible by Giuffrè's money, there was no question. But there was one question that so begged an answer that last week all Italy was asking it: Where did all the money come from?

100% Interest. The son of a carabiniere sergeant, Giambattista Giuffrè, now a bald, bouncy 56, began as a bank clerk and simple family man. Then he branched out. He took a mistress, buxom Rina Bianchini, setting up her cuckolded husband in the haberdashery business. Two years ago, when the husband killed himself, Giuffrè married Rina. During the years he lived in sin with her, Giuffrè served as lay administrator of several Franciscan monasteries. At World War II's end, when money began to flow in Italy again, Bank Clerk Giuffrè set out to go the banks one better. He attracted the bank's regular customers by offering to pay them 25% to 30% annual interest on loans to him. His good reputation—and the fact that Giuffrè's bank paid only 12%—brought in the clients. In 1949 Giuffrè resigned from the bank, began offering up to 100% interest.

"Give me your money," he told the thrifty Romagna peasants, "and I'll double it for you in a year." Giuffrè always repaid the loans and interest promptly. Catholic charities invested large sums with him. And all the while, Giuffrè gave unstintingly to the church and its works. Not long after Giuffrè's black custom-built Fiat sedan drew up at the monastery of the Passionist Fathers at Cesta di Copparo, the Passionists had a new monastery, 20 new acres of farm land and an $850,000 Sanctuary to the Blessed Virgin of Peace.

"Bankers Anonymous." For more than a decade, Giuffrè operated informally and personally, issuing only mimeographed notes as receipts to investors. His enterprise had no legal existence, was known simply by the title of "Bankers Anonymous." (In the Italian business vocabulary, "anonymous" means "unincorporated".) Two winters ago, Giuffrè formed a limited company called ACOFI to engage in "industrial and commercial activities ... to bring about a new social order in Italy firmly based on the teachings of the church." Among his partners: Dr. Enrico Vinci, president of Italy's National Catholic Action Youth Movement and the Catholic Action's regional vice president in Romagna.