shares previously held by Camillo Castiglioni, who was facing problems of liquidity. Failed speculation and bankruptcy In February 1924, Castiglioni partnered with Fritz Mannheimer, and later other influential bankers to speculate on the devaluation of the French franc. They shorted hundreds of millions of franc, eventually causing the franc to drop almost 40% in less than a month. By the beginning of March 1924, one United States dollar was worth 28 francs. Then, however, investment bank Lazard, on the behalf of Banque de France and powered by J.P. Morgan & Co., bought immense amounts of francs, causing the franc to rise again, to 15 franc per dollar. Castiglioni, Mannheimer and their partners lost millions. In September 1924, the Austrian Depositenbank, of which Castiglioni had been president, collapsed. A warrant for his arrest on a charge of fraud was issued, but Castiglioni had been taken care to be in Italy when the crash came. The Austrian State said that if he deposited $4,200,000 ($ in present-day value), he could return unmolested. Philanthropy Castiglioni built up a large art collection and a theatre in Vienna. He was the richest man in Central Europe and much beloved by the Viennese whom he assisted financially on Sundays and odd occasions. He was also a patron of the arts and for some time supported the famed producer Max Reinhardt, for whom he built a theater. So fond was he of appearing in the public limelight that he lived with all the pomp and ceremony of royalty, even traveling in the Kaiser Karl's private parlor car, which he bought. Because of his famous banking activities, his life was documented in a 1988 movie on television titled Camillo Castiglioni oder die Moral der Haifische (in English: Camillo Castiglioni, or the morality of sharks), directed by Peter Patzak. See also Fritz Mannheimer History of BMW Palais Miller von Aichholz References External links BMW Group archives Austro-Hungarian Jews Austrian bankers Italian bankers Italian Austro-Hungarians Businesspeople from Trieste 1879 births 1957 deaths Businesspeople from Vienna Austrian transportation businesspeople