In short a banal pyramid of Ponzi scheme

E J regrets have thrown them all these millions that I could keep in their own way, and I do not regret in having both distributed a renegade and a renegade... I release me, do you understand I souffrirai more than nothing... "On July 14, 1935, a guardian of the Fresnes prison discovers the inanimate body of Marthe Hanau. Sentenced a year earlier to three years in prison for fraud and breach of trust, "the banker", as were the dubbed in the world of finance, has swallowed a full tube of Veronal, a powerful sleeping pill. "I have nausea of money, money that overcame me," she confesses in the letter that she leaves to his relatives. Thus ends a startling case which has news for nearly seven years.

Really, it all started on December 4, 1928. That day, covered by a complaint from several ruined savers, Marthe Hanau is arrested for fraud and breach of trust and incarcerated in the prison for women in Saint-Lazare. The banker may know that a part of the complainants were pushed to be civil by the banker Horace Finaly, the Almighty Director General of the Bank of Paris and the Netherlands, one of the largest banking institutions of the place Probably. Nicknamed the "Quasimodo in finance" because of his stature large and small size - and its ugliness, add bad language-, indeed, Finaly swore the loss of Marthe Hanau, treated once of "irresponsible demagogue." It must be said that by proposing to its savers to pay 8, or double the average of those proposed by other banks, Marthe Hanau had many enemies in the profession.

As so often in France, the policy is in is mixed. The Director General of the Bank of Paris and the Netherlands was indeed the ear of Raymond Poincaré, President of the Council. The banker did not too difficult to persuade State human aging to a "clean" the market, for the protection of savers. "Suspicious pharmacies... looting of savings", eventually to bring Poincaré in full Council of Ministers, namely for Marthe Hanau. Too much noise about this woman, whose morals and noisy luxury feed setting column for a long time. Suspicion also too: the total opacity of financial operations, the character for the less dubious contracts signed with subscribers - they must "commit to accept the accounts as they are presented to them without requiring any details of the operations", - the inextricable Web of companies it was mounted and eventually place not less than 170 million francs of bonds to savers, that's three reasons at least to open an investigation. Not to mention that benefited time support of radicals, starting with Aristide Briand. Men that Poincaré was not in his heart. Weaken rivals by dropping the banker. The opportunity is too good for the President of the Council...

This first arrest is incredible. Taken to Saint-Lazare, Marthe Hanau began a hunger strike, manages to distort his captors company during his transfer to hospital before as prisoner. The extreme right-wing press wreak literally. Jewish 'garçonne' - it displays its women's adventures - without complex and banker, has all the defects. En route to the Office of the investigating judge, she is allowed to the cries of "death to the Jews, the aliens to the poles. Released on a bail of 800,000 francs, it pay only 200,000, promises to reimburse fully all of its customers and attempts to revive. But the stock market crash of 1929 is fatal. Could not keep his promise, she is again arrested and was sentenced to two years in prison on March 29, 1931. Before the Court of appeal of Paris, in July 1934, increasing the penalty and condemns to three years in prison. The curtain, this time, fell...

AME damnée

"A woman who manages its portfolio is a woman head." "A woman who manages the portfolio of the other is an adventurer," was it custom to say at the time. This reputation for "adventurer", Marthe Hanau lifts throughout his amazing career, it which did not hesitate to play bends to prevail in the close-knit community agents of change, she the only woman with storefront in the environment of finance. His life, it is true, there is nothing a long quiet river! Born in 1886 in Clichy, daughter of Jewish shopkeepers originating from Alsace, Marthe Hanau grew up between a father once great seductive but that its repeated fads eventually plague "shameful disease" and who dedicated a persistent hatred to the bourgeoisie and a tyrannical, austere and harsh mother to gain his daughter detests. Is - for this future banker multiplied provocations From his youth, Marthe rejects in any case block codes of the bourgeoisie, is exhibiting at the terraces of cafes, smoking in public and refusing to wear corsets and other veils. Most importantly, it displays without complex his adventures with young women, up to seduce a vendor of boutique held by his mother.

In 1908, for a point of fall, she married a man eight years her elder thankless physics and overflowing vulgarity, Lazare Bloch. Heir of a factory of jute in Lille, especially an inveterate player who eats into the dowry of his wife and that he remains of inheritance in the games room. Always for money, Lazare Bloch will be sentenced in correctional in 1917 for selling army a vile mixture intended to warm the poilu and dubbed "the stick of the soldier." Neither child nor "revolving doors": these are the two conditions that Marthe required for award of his union with this poor man. Two years after their marriage, the couple lives separate, a prelude to their divorce in 1920. Curiously, Marthe will always remain very attached to Lazare Bloch, for its part, consigns it a true worship and would serve as often damnée soul.

For the time being, it is in the company of a young woman barely out of adolescence and it changes the name of Delphine in one more ambiguous of Josephus, that Marthe exhibits. The daughter of a jeweller of the rue de la Paix, is rich

and totally devoted to his lover. Marthe and Josephus. In the early 1920s, everywhere them. If they live together - Josephus, who married a businessman American, remains in the parc Monceau and Martha avenue Victor-Hugo-, they will leave more. You can see in the beef on the roof, where they regularly cross Jean Cocteau, Deauville, where they travel to the beautiful days, and boxes of transvestites, they attend diligently. Drunk speed, Marthe Hanau was offered by his mistress a Torpedo neighbour that it leads to full speed on the roads of Normandy, capped a fine leather helmet. In the France of the twenties, who sketched the life toothy after the terrible bleeding of the war, and where thrive feminist movements - there are about 200-, this behavior does not shock. In any case not yet.

With its cutting garçonne, its strict tailors, his choise ivory and his inexhaustible appetite for live, Marthe soon realized that the time could offer him: almost absolute freedom and tremendous opportunities to steal his own wings and get rich. The money, the stock market. This world, which can all and opens all doors, more than others it attracts and fascinates the. Create his own House of values. This is the project that Marthe matures slowly. The context, it is true, is favourable. Rolled by inflation, the French boursicotent at - will, seeking to win at the Palais Brongniart that daily provides increasingly more difficult. Everywhere in Paris, with pharmacies and small credit banks have emerged. The only street of Provence houses 450!

The "Valkyrie of the hors-cote".

In this world of finance fully closed to women - in 1925, she go attend the sessions of the Recycle Bin costume with a false beard and human to not be recognized! -, it enters as early as 1924, by the back door, that is, here, by what is called "animation of values", or the dissemination of rumours, of information, statement of newspapers and editorial advertising aimed at creating a climate of confidence autour d'un title. Relationship of Josephus and the interpersonal skills of Lazare Bloch, was she first name, and then a beautiful portfolio of clients.

Among them are Leonard Rosenthal, a significant businessman, nicknamed "the King of the Pearl." The man is is infatuated Martha and entrusted the animation of its securities. With success. Pushing his pawns, Marthe offers him then to participate in the foundation of a weekly. It will have several functions: support the franc, then suffered regular attacks on markets, but also launch on the stock market the securities of the companies and provide advice to small savers. The three causes, say true, are closely related. Support the franc, participate in the maintenance of confidence, without which there can be good investments and, ultimately, attract small savers. Common sense reasoning but which is not devoid of ulterior.

Launched in 1925, moderated by a team with all the guarantees of seriously - both key men are comte Maurice de Courville, former Director of plants Creusot, and Charles Bertrand, President of the National Union of veterans-, Tan at the outset of a flattering reputation, "The Gazette of the franc" - that is the name of the weekly - becomes very quickly into the hands of Marthe Hanau a tool to attract depositors ' money. By creating, in 1925, the Technique of stewardship financial group, she finally achieved its goal. Become a manieuse of money full. The "Valkyrie of the hors-cote", as some became "the banker". Mixture of genres No doubt. Influential, known for the relevance of its analyses, "The Gazette of the franc" allows indeed to animate upward the titles on which Marthe bet. It allows also to confront head on the banks of the place and to make the group as the only Defender of small savers. "I find dishonest to pay 1.5 of the capital who are lessees to 8." "I offer my lenders that you require for your borrowers", she says in 1926, the consternation - and already the hostility - of its competitors. To go further still, its damnée soul and former husband, Lazare Bloch, him blowing editing which will eventually lead to his downfall: create a syndicate of speculators if committing to pay a minimum interest of 8 against remuneration that can reach up to 40 of earnings. Only one condition: never seek details of the transactions.

Ponzi pyramid

Fuelled by economic growth and the sharp rise in stock prices, the system is a promising start, Marthe Hanau funding the compensation of depositors with the money of the new subscriptions. In short, a banal pyramid of Ponzi scheme. It is then, between 1925 and 1928, the banker the peak of its power and influence. In 1926, she created a second newspaper, "The Gazette of the nations", which she entrusted to Pierre Audibert, entire acquired universal peace projects by Aristide Briand to the League of nations. "" The Gazette of the nations"is not a company but a work", said, elated, Marthe Hanau, who took his the cause of peace in the world, convinced that it is that by democratizing stock market speculation, it work for social progress and peace.

His success, his luxurious life - she remains in a splendid mansion located near the bois de Boulogne where she received politicians, journalists and artists and long stays in the Royal best hotel Geneva suite-, his provocative behaviour, as this used to driving in Rolls-Royce by a driver in livery with Josèphenot to mention its proximity with Aristide Briand, eventually create envy and jealousy. Victim of attacks and repeated press of his own carelessness, the system built by Marthe begins to crack. Aware of the risk, the banker, that its supporters to let go one by one, trying to get his accounts expertise and promises to pay all of its customers. In vain. Panic begins to occur. In 1928, the first ruined savers are civil. Mechanics that will eventually kill Marthe is by road. More nothing can stop him...

Find the previous articles in the series of summer on lesechos.frlesechos.fr