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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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.

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