'Blue Jasmine' Trailer: Woody Allen's New Film Sends Cate Blanchett To San Francisco With Xanax In Her Hair (VIDEO)

The plot of Woody Allen's "Blue Jasmine" has been kept under pretty heavy wraps ... until now.

The first "Blue Jasmine" trailer debuted on Friday, offering Allen fans a pretty clear look at his latest film. Previously described as "the story of the final stages of an acute crisis and a life of a fashionable New York housewife," "Blue Jasmine" actually looks like Allen's take on the Bernie Madoff scandal that rocked the financial world in 2008. Cate Blanchett stars in the film as the title blue Jasmine, a Ruth Madoff stand-in who moves from New York to San Francisco to live with her sister (played by Sally Hawkins) after Jasmine's husband (Alec Baldwin) is arrested for fraud. The result is a culture clash for Jasmine, as Hawkins' character runs with working class stiffs played by Louis C.K., Andrew Dice Clay, Bobby Cannavale and Max Casella.

Watch the excellent first trailer for "Blue Jasmine" above. The film, with its shades of Tennessee Williams, is out in theaters on July 26.

Summer Movie Preview 2013