The film is based on the 1932 novel Children of Pleasure written by Larry Barretto,[1] and stars Ruth Chatterton as a luxury-loving wife devastated by the Wall Street crash of 1929.

Her stockbroker husband Geoffrey has found out about his wife's infidelities, and encourages her to collect investment recommendations from her latest lover, high-profile financier John Fair.

Unaware of this, Geoffrey insists she get the latest inside information from Fair, as the stock market is behaving very strangely.

Unwilling to deal with being impoverished, Linda persuades her husband to pay for her extended stay in Bermuda, using some of the money he needs to try to recover.

Linda is able to manipulate Ronnie into falling for her and he expresses his interest in marrying her if she first returns to New York City to divorce her husband.