What goes around comes around, Banks shivs Shearer

John Banks isn’t holding back on David Shearer’s forgotten offshore slush fund:

Labour Leader David Shearer should apply his own ethical standards to himself and stand down, ACT Leader John Banks said today.

“Shearer is on record as saying those who suffer from a memory lapse aren’t fit to hold office,” Mr Banks said.

“But yesterday, Shearer admitted he ‘forgot’ to declare more than $50,000 he has stashed away in an overseas bank account.

“Worse, he didn’t forget once, he forgot four years in a row. Shearer’s hypocrisy is staggering.

“How long has he had this secret bank account? How much is in it? Where exactly did the money come from? 

“The most serious question is how long has he forgotten to declare this income to the IRD? Failure to declare income from an offshore bank account, to evade or avoid tax, can constitute a criminal offence.

“This is appalling behaviour for someone who claims to have such high ethical standards, let alone from someone who wants to be Prime Minister.

“If he’s reckless with his own banks accounts, how can he be trusted with taxpayers’ money?

“Shearer needs to explain his double standards to the public,” Mr Banks said.

John Key has also pointed out the rank hypocrisy of David Shearer:

David Shearer’s failure to declare a US-based bank account with more than $50,000 in it on the MPs’ Register of Pecuniary Interests was an “unfortunate” mistake of a type the Labour Party is quick to criticise the Government for, Prime Minister John Key says.

The Labour leader yesterday owned up to what he said was an oversight.

He has asked the Registrar Dame Margaret Bazley to belatedly add the account at Chase Bank in the United States to his entry in the register, where MPs are required to list their assets, debts and gifts.

“In the end it’s a matter for him,” Mr Key said today.

“People make mistakes. I make mistakes and when I do, I try and tell people I’ve made them. It’s just that you don’t get cut any slack from the Labour Party when you say you’ve made a mistake, but when they make one they don’t want anyone to have a look at it.”

Mr Key noted that the account’s balance was above the $50,000 threshold above which it must be declared, “so it could be quite a bit more than that”.

Shearer meanwhile doesn’t want to discuss how much is in his offshore slush fund. Perhaps we should be more like the US and require politicians to publish their tax returns.


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  • Agent BallSack

    If politicians had to declare their tax statements, that would spell the end for the hypocritical Labour Party. People would soon see that they’re the rich pricks.

    Shearers portfloio so far:

    Mr Shearer’s 2012 pecuniary interest register entry included interests in two trusts, a house in Avondale, his family home in Pt Chevalier, and the section in Whananaki, Northland, where he spends holidays, as well as his UN pension scheme, parliamentary super scheme and a superannuation trust. He also disclosed a term deposit and a mortgage.

    A wee bit more than the average paid worker methinks.

    • tarkwin

      I think we’ve got more chance of getting a rich prick’s holiday highway under a Labour /N.Z.F coalition. Shearer and Winnie spend there holidays up here, Hones here and Shane Jones must owe a few favours. The place is starting to sound like the U.N.

    • unsol

      “People would soon see that they’re the rich pricks”

      Yep, always a classic irony. And Shearer is of the poor person variety – the party presidents have often been extremely rich.

      Family trusts etc – proof that Shearer wasnt doing his taxes when he discovered his long forgotten $50k – his accountant would do them. And given that interest on those savings in the US account weren’t being paid here (so no chance of us finding out that he had earnings from overseas interest) I wonder what made him suddenly ‘remember’?

      3 years is a shit load to forget & he is far too astute for that – dodgy, but astute.

      Guess we will never find out. But good to know he really is a sheep in wolf’s clothing.

  • Steve R

    I wonder what the Green Party have to say about this !!!!!!

    • Agent BallSack

      The silence will be deafening.

      • Phar Lap

        D id see Mallard trying to muzzle John Banks from asking a question from Shearer, the guy with at least much more than 50K in a secret slush fund in an overseas bank account.Hope tomorrow John Banks gets to ask the question of Shearer which he was denied today.I ask the speaker Carter to back off and let us hear slippery Shearer’s lying excuses.Carter where is your backbone ,when you let Mallard run rings around you.

    • Pete George

      As little as possible.There is no indication Russel has been printing money for Shearer.

    • Phar Lap

      Looking at them on TV at question time in Parliament,four of them looked like they were drugged and completely incapable of asking or saying anything.They looked like stunned mullets or living dead.

      • Steve R

        Just how they will look when some one figures out the true results of qe . Wonder what lesson we could learn from Cyprus

    • time for an enquiry

    • sheppy

      That it’s smart of him to keep money offshore for when they get into power and stuff up the economy????

      • Steve R

        Now there’s a lesson for him . He’ll get to see what happens to a dollar when a govt prints and borrows its way through a recession

  • tarkwin

    It pays to check your baggage before taking the moral high ground.

  • In Vino Veritas

    Shearer’s inexperience has gotten him into this hole. With advice coming from the group of rabid ex unionist and activist MP’s, he’s being led by the nose in terms of his attacks on Key and Naitonals coalition partners. All those types (read people like Little, Fenton, Moroney etc) know is being confrontational. And Shearer is being schooled by their likes. It wouldn’t be too long a bow to draw to say he’d be a different leader in terms of what he attacks and what he doesn’t if that pile of risible hacks was not about.

  • Anonymouse Coward

    It shows that sheep is courageous.

    I certainly wouldn’t trust my money to a bank run by “Savvy” Jamie Dimon and home to the notorious London Whale.

  • Roger

    Over at One Standard for Labour and One for the Rest http://thestandard.org.nz/imperatorfish-david-shearer-suspends-rule-breaking-labour-mp/
    they are not holding back – comments are rubbishing and lampooning Shearer further.

    • In Vino Veritas

      Just goes to show that the standard gathers a group of left wing extremists together, rather than typical Labour voters.

    • PlanetOrphan

      You should dissinfect your machine Roger ….

      I’d recommend you block at least three IP numbers ….

      If you’re not interested in seeing theScablander any more then you should add these …

      Have a nice day M8!

  • BJ

    Penny just dropped!
    Shearer probably DID pre-register himself for shares in Might River Power – although he denies it – and he wanted to get as many shares as he could so needed to access his US bank account. He’s possibly been trading on the NZ dollar’s ups and down’s all throughout the WFC and has a nice little nest egg of a few hundred thou

    • Anonymouse Coward

      A NZ resident applying for Mighty River shares trough a US trading account would be a dumb thing to do, especially if you wanted to do it on the QT.

      It would be such an unusual transaction that it would call attention to itself.

      • BJ

        I didn’t say that. I meant it was time for him to bring it to NZ so had to declare it to the tax department etc

  • Mr_Blobby

    The Boy has done well out if the UN. Easy when you don’t pay TAX, and have all your living expenses covered.

    • Gazzaw

      When the amount in Shearer’s account is exposed (and it will be) there will be a truckload more than $50k in there.

  • I still wouldn’t take lessons in ethics from Banks.

  • grumpy

    It appears the account is $US320,000.