How much money did Woody Allen lose to Bernie Madoff? If he was not among the many who were defrauded (Madoff’s ripoff total was some 65 billion dollars), Allen probably has friends in New York city who were losers in the gigantic Ponzi scheme.

Blue Jasmine is ostensibly the story of Jeanette “Jasmine” French (Cate Blanchett) whose husband Hal (Alec Baldwin) went to jail for investment fraud a la Madoff. After the feds have seized all their belongings, Jasmine goes from Park Avenue to San Francisco to stay with a poorer relation, her sister Ginger (Sally Hawkins). Both were adopted and have never been particularly close.

Blue Jasmine also illustrates the damage done to people by investment scandals like the Madoff affair. Not just to Jasmine, but also to Ginger and her ex-husband Augie (Andrew Dice Clay) and to Hal’s son Danny (Alden Ehrenreich), among others. Cate Blanchett’s performance may be the main reason to see Blue Jasmine, but Allen’s script (based on repercussions of the real-life fraud) is flawless and is the framework for this excellent movie.

Other memorable characters populate Blue Jasmine. Ginger’s boyfriend Chili (Bobby Cannavale) is a volatile, tactless greaser who nonetheless accurately pegs Jasmine. Al (Louis C.K.) is a flirty charmer who momentarily woos Ginger away from Chili. Dwight (Peter Sarsgaard) is the classy guy who appears to be Jasmine’s ticket back to wealth and respectability.

Jasmine is, at various times during the film, a woman to be pitied and a woman to be scorned. She has no apparent misgivings about her behavior when she was a woman of leisure, the wife of a man with limitless wealth. She has difficulty adjusting to her new personal economy and lifestyle and, like many working women, has to fight off the advances of her boss. Her crises have left her dependent on booze and pills to maintain a semblance of sanity. When she meets a wealthy man who is impressed by her style and grace, she is ready to shove off from Ginger’s generous charity in a heartbeat. Can she handle reality or is she a big phony?

A favorite scene is the one that finds Jasmine in an eatery booth with Ginger and Augie’s two sons. She shares with them some memories of the unraveling of her charmed life in NYC. The boys stare back with blank expressions, but she tells the tale anyway, perhaps because she knows that they don’t perceive the ramifications as their mom might.

Cate Blanchett is a likely Oscar nominee for best actress. Woody Allen has given her a timely, memorable character and she has delivered a performance that may be her best. Blue Jasmine is a “must see” movie. Not just for Cate’s work, but also for Woody’s.