Pay As You Go © fintag

News comments:
Something is in the air. Google spluttering in China; the almost dead Alex Hurricane Higgins causing grief in the Gulf; Spanish Banks having their oxygen cut off; Tesla to solve the world's problems; English Football players booed back home for being back home; Primark to hike up its prices; Left Handed people to be spared iPhone 4 fun; Steve Jobs to be replaced by some guy who went to Newcastle Poly; and Russia denies spying on itself.

But the strangest thing happening in London, apart from the boris-bicycle is the pay as you go car. I don't get them. I have modeled the finances and it doesn't stack up. A bit like delivering groceries. The fundamentals are all wrong and yet we all want a piece of Ocado (once Europe's biggest private equity white elephant and full of Goldman money hence why it is being offloaded under a fanfare of this is the best thing since slice bread: these are delivery vans. Where is the IP in that?).

Brevan Howard have modeled their tax payments and are moving to Geneva. Now that makes sense.

Today's shorts:
Banks Escape Tax (citywire)
Live in Greenwich And Work On Park Ave? Tax Here We Come (nymag)
Newcits by NT (icfa)
Ponzi Scheme Discovered (nytimes)
Bayou: Long Gone But Not Forgotten (hitc)

Today's longs:
Cheap Debt = US Real Estate Boom. Here We Go Again (bloomberg)
Double Dip Ice Cream (cityam)
Cheap Debt, Low Supply and a Weak GBP Helps London Property Boom (independent)

Gossip:
Obama to be accused of putting spies in the Banks (oh, that is Google, of course)