Alice ™

The biggest untold story in the history of money

Stuart Kells
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Alice ™

Published

3 April 2024

ISBN

9780522880274

Pages

272

Imprint

Melbourne University Press

Alice ™

The biggest untold story in the history of money

Stuart Kells
From Wall Street to the supreme court, how the world's largest banks control the money markets and crush competition
In the 1980s and 90s, amid an explosion in international money flows, a handful of people saw a new financial future and staked claims in it, triggering a battle to control the world's money markets. With phenomenal profits at stake, the conflict would go all the way to the United States Supreme Court, in a case that involved not just the largest Wall Street banks but also the tech behemoths of Silicon Valley The extraordinary story of Alice Corporation, a company created to reimagine financial markets, brings together an unlikely cast of characters: renowned author Kate Jennings, international banking insider Ian Shepherd, Enron CEO Jeffrey Skilling, German-born World War II historian Sigrid MacRae, J.P. Morgan deputy chair Roberto Mendoza - and his dog, Stanley. In the tradition of Michael Lewis's Flash Boys and The Big Short, Alice is a story of ground-breaking insights, legal intrigue and improbable friendships. Pinpointing…
In the 1980s and 90s, amid an explosion in international money flows, a handful of people saw a new financial future and staked claims in it, triggering a battle to control the world's money markets. With phenomenal profits at stake, the conflict would go all the way to the United States Supreme Court, in a case that involved not just the largest Wall Street banks but also the tech behemoths of Silicon Valley. The extraordinary story of Alice Corporation, a company created to reimagine financial markets, brings together an unlikely cast of characters: renowned author Kate Jennings, international banking insider Ian Shepherd, Enron CEO Jeffrey Skilling, German-born World War II historian Sigrid MacRae, J.P. Morgan deputy chair Roberto Mendoza - and his dog, Stanley. In the tradition of Michael Lewis's Flash Boys and The Big Short, Alice is a story of ground-breaking insights, legal intrigue and improbable friendships. Pinpointing the likely causes of the next financial crisis, Alice reveals the fight to build a safer, fairer financial future.

A compelling story of how finance can be disrupted by people of great vision and grit. I read Alice without a pause, from the first page to the last. Readers will be delighted by this history of a revolutionary invention for improving and democratizing the exchange of risk.”
Professor Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, Stanford University

“Breathes there a man or woman with soul so dead as not to be interested in money?” Stuart Kells’s Alice gracefully answers this old question for savvy pro and layman alike. Struggles between innovative enterprise and vested interests, common enough in fiction, rarely translate into supremely readable fact. By combining the fascination of finance with a cast of very real characters bound by a common purpose, and even some dogs, Alice happily defies that norm. ”
Sigrid McRae, author

A fascinating journey through decades of financial market turmoil in Australia and the rest of the world, with insights borne of direct experience in the major financial centres. All told in a low key and engaging manner. A great read that is both informative and challenging.”
John Fraser, Board member of The Future Fund, Judo Bank, Advance and AMP. Former Secretary, Australian Treasury. Former Chairman and CEO of UBS Global Asset Management

Alice is a true story about much needed innovation and change in the world of finance which crashes into a legal wall about what ideas can and cannot be patented. The book is rich with detail and provides a compelling account about a novel idea designed to manage risk, share information broadly and level the playing field for all investors, big and small. And what makes the story more intriguing are the individuals who conceived of how to redesign financial markets to avoid financial calamities. Their journey is one of unusual insight, incredible persistence and an unwavering conviction in the power of a new idea.”
Jack Levy, Senior Advisor, Centerview Partners. Previously, partner and Co-Chair of Goldman Sachs’ global M&A practice

A fascinating story which sheds light on the complexity of the critical plumbing of the financial system that we all rely on. It also reinforced my view of Ian as a remarkable 'constructive disruptor and challenger' to conventional thinking, which we need to ensure the ongoing integrity of our financial system.”
Dominic Barton, Chairman Of Rio Tinto; Former Canadian Ambassador To China; Former Mckinsey & Co. Global Md

Stuart Kells

Stuart Kells

Stuart Kells has written on a wide range of subjects including libraries, publishing, professional services and diamond mining. His shorter works have been published around the world including in Smithsonian, The Paris Review, The Guardian and LitHub. A University of Melbourne alumnus, he delivered the 2018 Jean Whyte Lecture and the 2022 Murray Talk. His history of Penguin Books, Penguin and the Lane Brothers, won the Ashurst Business Literature Prize in…

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Paperback
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Ships in 4-6 weeks
Other formats available