Most sources agree that Nicolae Lupescu was born Jewish and adopted his name upon conversion to Orthodox Christianity, the established religion in Romania.

According to Elena Lupescu herself, it was originally a mistake of an Italian journalist;[5] but according to an alternative version, "Magda" was, at the time, Bucharest slang for "reformed prostitute".

But even before his conversion, the law could have been easily circumvented in a country as rife with corruption as Romania, especially in Iași, where Jews were close to half of the city's population.

That came later, during the Great Depression in Romania, when the character of Romanian anti-Semitism gradually changed and her parents' Jewish origins were stressed for political reasons.

[14] All sources agree that she walked with a peculiar swing of the hips, which, depending on one's point of view, was either sexy or crude, and that she was, in almost every respect, the opposite of Crown Princess Helen, Carol's spouse at the time.

Carol made no effort to hide the relationship, which was, rather than his marital infidelity or Elena Lupescu's character or background, the cause of the ensuing scandal.

[15] In December 1925, Carol, having represented the Romanian royal family at the funeral of Queen Alexandra, eventually ended up in Milan in company of Elena Lupescu, making the front page of almost every Italian newspaper.

In late 1928, the Liberal government was replaced by a coalition headed by Iuliu Maniu; Carol's return seemed now to be only a matter of time.

Negotiations were carried out through various intermediaries, while Carol's supporters, including Prince Nicholas and a number of Army officers, tried to pressure the government into speeding his return.

Although no written evidence exists, it is likely that eventually Carol made two promises to Maniu: that he would join the regency, rather than lay claim to the throne, and that he would give up Elena Lupescu.

Carol and Magda weathered economic crisis, labor unrest, the rise of Fascism, assassination attempts and military plots, to become the master manipulators of Romanian politics.

[18] Those Carol could not bribe, he forced into retirement (Maniu) or imprisoned (Ion Antonescu); those he could not bend to his will, he suppressed ruthlessly (the Legion of the Archangel Michael, also known as the Iron Guard); and, in the process, the couple accumulated an impressive fortune.

However, she entertained at her Aleea Vulpache[20] villa in downtown Bucharest the cream of Romanian high society: politicians, industrialists (Max Auschnitt, Nicolae Malaxa), press magnates (Pamfil Șeicaru), and blue-blooded aristocrats (Marthe Bibesco).

By the summer of 1940, France had fallen and the Versailles system had collapsed, leaving Romania friendless and almost completely surrounded by enemies.

In quick succession, without firing a shot in her own defense, Romania was forced to make painful territorial concessions to the USSR, to Hungary, and to Bulgaria.

He was forced to abdicate in favor of his son Michael (6 September); General Antonescu assumed dictatorial powers with the support of the Army and most political parties.

A few days later, Carol, Magda, their faithful aide, Ernest Urdăreanu, and as many belongings as they could pack in a hurry, left Romania aboard a special train.

When Romania joined the war on Hitler's side, Carol explored the possibility of setting up a Romanian government in exile; but his proposals were rebuffed by both the British and the Americans.

[23] In 1944, he contacted the Soviets with a similar purpose,[24] but Stalin never answered and developments in Romania made Carol's proposal moot.