Conflict of Interest?

David Farrar thinks it is the stuff of conspiracy theories, but until David Shearer comes clean on just how much he has stashed in his secret offshore bank account.

David Shearer and his mates in the Greens have some kooky ideas to try to bring down the exchange rate, like firing up the money printing presses.

Given that we now know about his secret offshore bank account, David Shearer has a bit of a vested interest in driving down the Kiwi dollar to deliver bigger profits on his currency speculation.

Here are some quick calculations based on the ANZ cash rate at 10.30am today – 0.8678 

US$50,000  at .8678 = NZ$57,617. At .7678 = $NZ65,122. On a 10 cent drop in the rate Shearer has made NZ$7505.

US$100,000 at .8678 = NZ$115,234. At .7678 = $NZ130,243. On a 10 cent drop in the rate Shearer has made NZ$15,009.

US$150,000 at .8678 = NZ$172,851. At .7678 = $NZ195,364. On a 10 cent drop in the rate Shearer has made NZ$22,513.

US$500,000 at .8678 = NZ$576,170. At .7678 = $NZ651,212. On a 10 cent drop in the rate Shearer has made NZ$75,042.

US$1million at .8678 = NZ$1,152,340. At .7678 = $NZ1,302,423. On a 10 cent drop in the rate Shearer has made NZ$150,083

Depending on how much is stashed away, David Shearer has a vested interest in talking down the exchange rate. Labour have made much of John key’s former job as a currency speculator…now it appears that their own leader likes to dabble in the world of currency, arbitrage, offshore accounts and foreign bankers.

The only thing now is to match up his public statements calling on the government to lower the exchange rate.

The Green Taliban are helping him with his nest egg too by alleging Cyprus like banking arrangements in their bid to talk down the NZ economy, banking sector and exchange rate.

Maybe Russel Norman also has an undeclared offshore account.


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  • ConwayCaptain

    Wussel is an Ozzie so most likely has an Oz account.

  • johnbronkhorst

    Absolutely! Also depending on the amount of US dollars, after exchanging his USD’s ie BUYING NZD’s it will force up the price if NZD’s for the rest of us. So depending on how many NZD’s he buys as to how much the exchange rate will rise again.

  • BJ

    Just as other politicians need to make declarations of any conflict of interest – you would expect that when the Leader of the Opposition is promoting policies, he would ensure there was no room for critisism of himself.
    This matter should not be left to lie.

  • StupidDisqus

    Whale’s right, Shearer misled parliament. Doesn’t matter if it was $1 or $100.

    If National had any guts, the speaker should call him on it; Key should make it a confidence issue.

    Result: vicious Labour infighting to choose a new “leader” to take them over the cliff;

    and even more vicious Labour vs Green by-election in Mt Albert. National shouldn’t stand a candidate, but hint to its people to vote Green…

  • cheryl

    Well heres my theory on why he came clean… I think Shearer was starting to get nervous considering the infosec of our Govt Agencies of such has not been that great and was a little scared that maybe he was going to get caught out by a leak of information, this way he can still stand on high moral ground (or whats left of it) and state “the difference is he volunteered the information and when he found the mistake corrected it”.

  • sheppy

    Finally the penny drops on why Wussell wants such a low exchange rate, now if we only had a good enough investigative journalist to find it!

    • BJ

      Under his pillow

      • sheppy

        Wonder what currency…. Bet it’s not NZD!