The core narrative of the film portrays the last months in the life of Serge Alexandre (Stavisky), from late 1933 to January 1934. We see glimpses of his operations as a "financial consultant", setting up a mysterious company to deal in international bonds, his 'laundering' of stolen jewellery, and his juggling of funds to stave off the discovery of fraudulent bonds that he has sold through the Crédit Municipal in Bayonne (municipal pawnbrokers); we see his activity as a theatre impresario in Paris, his casino gambling, his purchase of influence among the press, the police, and politicians, and always his extravagant lifestyle and desire to impress; we see his devotion to his glamorous wife Arlette, his exploitation of her beauty to lure funds from a Spanish revolutionary fascist, his contradictory accounts to his friends of events in his own past, and gleams of political idealism - which may yet be just expedients to create further webs of deception.