How much is in the account?

The rumour mill has been abuzz with how much David Shearer has squirrelled away hidden from the public since his “I forgot” secret US bank account has come to light.  Of particular interest has been the suggestions coming from the left that Helen Clark was involved in Shearer’s sudden memory recovery.

A more relevant question though is just how much is in the account?

A reader who is used to giving advice to people of high net worth emailed me:

Cameron,

How come the media are letting Shearer off scot-free on this secret US bank account?  It seems to me beyond belief.  If this was someone in National or ACT the media would be hounding until every last transaction was disclosed (remember Pansy Wong’s husband?).

Worse, while we know that Shearer forgot at least $50,000, we do not yet know how big the amount was.  If it was only fifty thousand, then for someone like Shearer (who would have earned around ¼ of million for a decade while working for the UN) forgetting an offshore asset of less than $100 thousand could be understandable.  But, what we don’t know is whether it is even more than that.  If he was earning a quarter million for a decade, it is quite imaginable that he has accumulated well-over a million.  If so, not declaring the bank account because he forgot just doesn’t stack up.  It points to incompetence – or worse. 

I’ve worked with clients preparing financial affidavits and foreign disclosures, I assume similar to the disclosures MPs must complete.  Surely Shearer would have run his disclosure documentation past his accountant.  It seems extremely unlikely that any professional who would have on file interest earnings from a US account (due to it being included in a tax return), would not consider that it must also be included in the MP’s asset register.  Shearer’s story just doesn’t make sense.

Maybe the reason that Shearer is trying to stall and not tell us how much he is worth, is that he is desperately moving the money back to New Zealand (or elsewhere in amounts less than $50 thousand) so that if he does have to answer how much is in the account later, he doesn’t look like a complete twat.  But why are the media letting him get away with it?

Keep up the good work on the blog.

Interesting point. Shearer has suggested that it is more than $100 thousand.  If so, how much more?  250 thousand?  Half a million?  A million?

  • cows4me

    Perhaps Mr Mumbles has had us all fooled and is presently moving dollops of cash around the world. I’m sure the Russian mafia could offer good financial advice at the present point in time.

    • RightOfGenghis

      Nah, all it would take is a mexican asking him to sit in the white chair over there at the intersection. Politely of course..

    • http://twitter.com/Orcs2Elves Monique Angel

      Getting a good shaving via Cypress bank accounts you rection?

  • PlanetOrphan

    Just had a quick read of the “Pecuniary Interest Notes”,
    http://www.parliament.nz/en-NZ/MPP/MPs/FinInterests/

    It’s debatable that this account of Shearers even qualifies.

    • fozzie2

      Nah – he’s being paid !!

      • PlanetOrphan

        News is News I Guess.

    • Callum

      Exactly what is debatable about it needing to be disclosed? Looked pretty straightforward to me.

      • PlanetOrphan

        Doesn’t mention bank accounts from previous jobs, just current business and trusts etc

        • John White

          PlanetOrphan

          Did you even read the document you linked to?

          Debts owed to you (Form 8)

          ….

          ….

          You will need to include bank deposits if they are over $50,000.

          • PlanetOrphan

            It’s not a debt it’s a personal bank account.
            Like I said if he had actually transfered money then he should declare, which he has.

          • John White

            PlanetOrphan

            What part of the world do you live in? If you have money in a bank account then it is money owed to you, you are a Debtor to the bank. That is why banks used to have ‘DR’ next to the balances to indicate it was a Debit and there a Debtor Balance. If you owe money to a bank then it has a CR balance and you are a Creditor.

            It is fully explained in the preamble of the section I highlighted. A Debt has 2 terms, Legal and General. A bank account is a legal debt to you.

          • PlanetOrphan

            Nup, it’s your personal money bud, they aren’t asking you to disclose your everyday bank accounts, just business interests.

          • John White

            PlanetOrphan

            I am lost in a number of ways here.

            Are you telling me David Shearer has made a mistake? That he did not need to declare this bank account? His sudden realisation that he has not declared it for the last 4 years was a wrong realisation? All this fuss at the moment because he has declared a bank account he did not need to? I am sure he has plenty of legal advice, I am not how they could have missed this simple solution to the problem.

            Where does it matter if it is personal bank account? If you are querying that it is a personal account and not a business account that is not relavant. “Record debts of more than $50,000 that are owed to you”, so nothing about a business. The previous 2 sections asked about property owned personally and superannuation schemes owned personally.

            If you are saying a bank account deposit is not a debt then you are totally wrong there, otherwise how can you force a bank to pay you the money back? Ask them nicely maybe. A bank account is a legal contract, either the bank owes you the money and it is a debit, or you owe the bank and you are a creditor. As the section quotes “The
            legal meaning of debt is narrower than its general meaning and is limited to fixed sums for which the right to payment exists. The right will be enforceable through legal proceedings”. It then goes on to explain a moral debt that does not need to be declared. So you thank the bank only has a moral expectation to repay you the money you loan to them?

            The next section is debt owed, and that included ‘personal overdrafts”. So you are saying you have to declare a personal overdraft to owed to the bank, but not a savings account where the money is owed to you?

            This is some twisted logic you are trying to follow to defend David Shearer.

          • PlanetOrphan

            This is all effectively going to disappear just like all the other financial things so far.
            DS, is obviously moving the money to NZ this year so he decalred it.
            No Foul, No Harm, He has acted within the documents precepts.

            What’s he really doing ? ….. Saying to everyone hey I’m rich like John Key.

            That’s all I’m saying , but keep promoting your beloved/hated Shearer , any publicity etc.

        • Mr Sackunkrak

          You must see chiropractors frequently with all that twisting and contorting you do to feel better about Labour.

          • PlanetOrphan

            Just an observation, he’s “competing with John Key” in quite a few ways … bad publicity used in political combat etc

        • Callum

          It is a current debt, the bank STILL owes him at least $50k. So you appear to be full of it.

    • Hazards001

      It’s eh FFS not AYE!

      • jonno1

        Aye aye Sir! :)

        • Hazards001

          lafffffffffn

      • PlanetOrphan

        aye
        /ī/Exclamation
        Said to express assent; yes: “aye, you’re right”.
        Noun
        An affirmative answer or assent, esp. in voting.
        Adverb
        Always or still.
        Synonyms
        noun. ayadverb. always – ever – evermore – ay – forever

        • Hazards001

          If you want to ghetto talk and use a non word like budder then it stands to reason the word you were attempting to use was eh…as in eh brudder
          Googling the meaning of a word used out of context is pathetic. I already knew what Ay Aye and Eh meant.
          You’re the one that wants to talk like a white nigger M8 so get it right!

          • PlanetOrphan

            And in the context of what I was saying I meant aye as in

            “isn’t that right brother”

            Don’t ever put words in my mouth Hazard you will piss me off.

          • Hazards001

            ROFLMFAO

          • PlanetOrphan

            Fox terriers do that too M8!

          • Hazards001

            You’d know you yappy little pup!

          • PlanetOrphan

            Back at ya Budder ….

            Budder is a concentrated form of THC, the main
            psychoactive chemical in cannabis (marijuana) that has 80% – 99.7% THC
            and 5% – 15% total cannabinoids

            Do you get it M8? , What’s a Dogg M8?
            Detective On the Ground maybe ?

            And why’d I use to G’s M8!

          • Hazards001

            …and that has to do with what? You’re so far off the comment now it’s beyond a joke. So now you’re trying to tell me you were actually saying “Yes Hash”?

            Time to zip it and move on sonny. You fucked up..deal with it you learnt something..the word is Eh not Aye!

          • PlanetOrphan

            U didn’t let me finish , read it again.

            And if you tell me how to speak again I’ll chi kick ya head until you’re a zombie Mr Angry Pants.

          • Hazards001

            U didn’t let me finish , read it again.

            And if you tell me how to speak again I’ll chi kick ya head until you’re a zombie Mr Angry Pants.

            Check this one out for crazy draino injecting people M8!…
            http://gawker.com/5814260/fles
            That should make anyone think twice about back yard P labs …
            surely ?

            Maybe we should ban Draino as well … Ae! M8!
            (*ae-thats-me-agreeing-with-myself-m8*)

            You fucking little pissant cunt. You changed that last post so many times it’s laughable you fucking wanker!

            And the one before it.

            You’re going to do what to me you hippy cunt? I’ve lived and worked in some of the most dangerous places on this planet orphan doing some of the most dangerous tasks you could ever imagine working alongside some of the hardest men you will…well actually you would never see men like us,…. piss weak wankers like you frighten me about as much as a box of KFC you fucking illiterate tool!

          • PlanetOrphan

            ROFLMFAO

            You are a blowarse cock sucking maggot boy.
            I am thought aware and I KNOW YOU ARE ANGRY @ ME
            ENJOY YOUR FUCKING HEADACHE MAGGOT!.

      • PlanetOrphan

        Eh (pron.: /ˈeɪ/ or /ˈɛ/) is a spoken interjection in English that is similar in meaning to “Excuse me,” “Please repeat that” or “huh?”

  • sandynobb

    More than 100, 000 euro in a Cypriot bank as well?

  • Anonymouse Coward

    The US Federal Deposit Insurance limit is $250,000 per customer, per bank.

    Assuming Sheep is a rational actor and avoids keeping money in an account over the insured limit and we know that he has only declared one a/c in the US then a reasonable assumption is the declared account contains between $NZ50,000 and $US250,000. He may have an additional account under the $NZ50,000 threshold.

    • sheppy

      Wonder if he spread most of his money into several just below $50,000 accounts before he declared the main account? It would explain the delay in declaring it as well as provide a little insurance in case the balance gets leaked.

      • Anonymouse Coward

        Your suggestion of keeping money in account just below the $NZ50,000 threshold is possible but risky.

        A sudden increase in the value of the US dollar could inadvertently place Sheep above the declaration amount requiring him to make multiple disclosures in the pecuniary interests register.

        • sheppy

          If he has any sense he’ll keep it well within the threshold!
          No doubt this has been done long ago and only now is it sufficiently in the past to not appear on recent statements

  • Time For Accountability

    Did someone say he used Merrill Lynch

    http://en.wikipedia.org/wiki/John_Key

    Has no one seen the irony in Labour (Cullen) attacking rich pricks. Pretty much you have to be a rich prick to use Merrill Lynch.

    • Anonymouse Coward

      There seems to be confusion which bank the account is with.

      I have seen reports it is with J P Morgan Chase.

      Merrill-Lynch is the bank Smile and Wave used to work for, now taken over by Bank of America.

  • Steve (North Shore)

    How many more accounts in different Countries does Mr United Nations Man have?
    My guess is there is a shitload of money being laundered at the moment and Mr Poor Man missed out – 100 Euros per day. Mr United Nations has only been caught with one dodgy account

    • PlanetOrphan

      Put John Key to shame would he ?

      • Steve (North Shore)

        Mr United Nations Man is a pawn here – um and – ah – well – ; he does not know it. United Nations is using the sheep as they always have done.
        I’m sure John Key just loves the play.
        Now shut up, we have an Election to win :)

        • PlanetOrphan

          I knew it, your a plant.
          So what part of the Labour caucus do you work for then?
          Obviously camp shearer, but who’s pulling the strings?

          • Steve (North Shore)

            you’re*
            No, I am not a plant Mr lost marbles

          • PlanetOrphan

            Fixed* :-)
            Come on you can tell me Buddy!
            Not lost M8, That’s what the voices tell me anyway!.

          • Steve (North Shore)

            Software Engineer, meet a real Engineer, I do it with hammers and metal, but you bits and bytes guys need us.
            kiss kiss darling

          • PlanetOrphan

            Back at ya bud!

          • grumpy

            Just watching……and admiring.

          • PlanetOrphan

            Fair enough, just saying sorry, I lose sometimes.

          • grumpy

            …but with style…

          • PlanetOrphan

            Thanks bud.

  • Mr Sackunkrak

    Lets start a sweepstake. US$250k tax free over 10 years is US$2.5m, most expenses paid by UN and being a leftie he will be miserable with HIS OWN money, compounding interest and not dipping into it because he’s “forgotten” about it, I’m picking US$2.7m.

    • James Stephenson

      You’re making an assumption that he hasn’t brought any back to fund his property portfolio here…

      • Mr Sackunkrak

        Perhaps. But that ain’t a great portfolio by any measure.

    • Steve (North Shore)

      US$2.7m. Small change when UN sends him to the Republic of Cyprus – what a life

    • Jimmie

      I wonder if he bought that mango with his own dosh or with the UN’s?

      • Mr Sackunkrak

        It won’t be his 25c, he’s a socialist. Someone on $1 an week would have been taxed to fund that mango. As the re-distributor of the wealth, he’s paid US$250k tax-free to rob crippled Peter to feed impoverished Paul. What don’t you get about socialism?

    • Sir Cullen’s Sidekick

      Sheep with a sad face says – “Nasty Tories are forgetting how much money I donated for good causes around the world…” – I trust him. Do you?

      • Mr Sackunkrak

        No. He’s a mumblefuckwitted bumblefuck.

    • David

      I’m with you. I think there will be between two and three million US dollars in the account. Shearer was a passenger on the luxury U.N. gravy train for 18 years. Aside from his U.N. salary, he would have received generous accommodation, food, entertainment, travel, medical, insurance, danger money and retirement allowances. Therefore, as all his expenses were paid for he would have no need to spend any of his salary, or little of it, and should have saved the majority of his U.N. remuneration.

      Could anyone tell me how I could book a ticket on the U.N. gravy train?

      • Mr Sackunkrak

        I think you would need a brain damaged by socialism, and be a pet of Helen. Otherwise, you’re fucked.

  • Phar Lap

    Whats new,he is just another Liebour Party crook and liar,and the darlin of all the MSM who like their crooks in the Lie-bour and Commie green parties,makes them feel at home rubbing shoulders with losers.

  • minarchist_kiwi

    Maybe Mr Key has Shearer’s latest bank statement sitting on his and knows EXACTLY how much is in the account and plans to reveal all a couple of weeks before the next election when it is too late to change Labour leaders.
    Let Shearer talk about the poor and needy and then reveal his million dollar bank balance and show him up for being a hypocrite.

  • Sir Cullen’s Sidekick

    Guys guys – This issue is dead. There is no point in trying to flog a dead horse. So let us move on.

    • Mr Sackunkrak

      Leave Jacinda out of this!

      • Sir Cullen’s Sidekick

        I can’t win, can I :-) Jacaranda is a fashion symbol for Labour women.

        • Mr Sackunkrak

          That just says it all :)

  • Sir Cullen’s Sidekick

    Let us admit the fact that Sheep is a honest guy and has made a honest mistake here. Nothing more than a storm in a teacup.

    • StupidDisqus

      Naa. corrupt. mislead parliament. should be in jail. party should be fined and closed down.

  • StupidDisqus

    Fun as all this speculation is – it is much less fun than watching labour implode in a factional war

    Key & Carter should have thrown Shearer out of parliament. End of story.

  • Sir Cullen’s Sidekick

    Guys – if we want to win the next election, we need to keep Sheep exactly where he is – leading the Labour party and bumbling along.

  • Sir Cullen’s Sidekick

    Sheep is singing this song (Thanks to Johnny Cash – modified from his lyrics for good fun only)

    “Why Me Lord” – Courtesy Johnny Cash.

    Why me Lord, what have I ever done

    To deserve this ridicule on even one Of the accounts I’ve hidden Tell me Lord, what did I ever do That was worth this ridicule?
    Or the hatred Whale Army has shown.

    Lord help me Jesus, I’ve wasted it so Help me Jesus I know what I am Now
    that I know that I’ve need you so Help me Jesus, my soul’s in your
    hand.

    Tell me Lord, if you think there’s a way I can try to repay All I’ve
    taken from UN, Maybe Lord, I can show someone else What I’ve been
    through myself On my way back to you.

    Lord help me Jesus, I’ve wasted it so Help me Jesus I know what I am Now
    that I know that I’ve need you so Help me Jesus, my soul’s in your
    hand.

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