Letters: Why should banks pay for scam victims?; Don’t retire from sailing, Jimmy Spithill

"What will international sailing be without Jimmy Spithill?"

The peril of dubious investments

Though most will have sympathy for the investor who lost $250,000 to an offshore website bank scam, it seems that blaming the ASB bank for its help in transferring those funds to a fictitious investor is a step too far (Weekend Herald, Oct 5).

Most sensible investors will realise that transferring funds offshore to get a minimal increase in returns is a high-risk situation, as most local banks operating here are owned by large Australian banks, and therefore are supplying the local market with returns which reflect the worldwide view on bank investment returns.

To then expect ASB to reimburse the investor when they find that the promised returns are fictitious and the investment is a scam is a bit absurd, especially when it is simple for anyone to set up a website and offer for sale anything that the scammer can dream up in his or her head.

The same applies of course to various Facebook trades, which are usually offers at low value.

The message is clear: don’t invest in anything which could be dubious, especially if it is based offshore and is not protected by New Zealand laws and regulations.

Bruce Woodley, Birkenhead.

Sleight of hand

Your correspondent Rob Peterken (NZ Herald, Oct 4) indulges in the same old right-wing false hand-wringing when he claims there isn’t the money to do what needs to be done.

Whether it’s building good infrastructure, properly funding public services or tackling poverty, he laments that times are hard and the Government simply doesn’t have the money.

This is simply not true. Our national debt is relatively low by OECD standards so we can borrow to future-proof. But more importantly, we are a low-tax country with no capital gains, inheritance or wealth taxes.

Implement these fair taxes, rather than giving tax breaks to landlords and oil and tobacco companies, and there would be tens of billions more to spend on proper public health services, education and infrastructure, as all other developed countries do.

What we have is a Government that has slashed tax revenue, mostly to benefit those at the top, then crying the need for austerity to pay for it. It’s an ideological sleight of hand that is exacerbating economic unfairness, dismantling the public sector and imposing austerity. Ask yourself, who benefits and why?

Don’t be fooled by the deceptive furrowed brow and apologetic hand-wringing. Short-sighted greed is playing with us.

Jeff Hayward, Auckland CBD.

Blame game

Isn’t it time that current and former politicians stopped blaming the other party for what they are doing?

There is Simeon Brown’s blame game this week on Labour for claimed underfunding of road-building being the reason he is thinking of imposing a toll on the replacement road for the failed Manawatū Gorge highway.

And Steven Joyce saying since 2017 Labour never actually delivered any infrastructure improvements (Weekend Herald, Oct 5) – whereas the reality is they have both been part of Governments of all stripes who have failed to direct funding into adequate infrastructure investment, as evidenced by our crumbling hospital assets, failing water and sewerage assets and an electricity industry delivering us a generating capacity crisis.

Not to mention of course, schools, rail networks, ferries, et al. The list of infrastructure deficits is sadly endless, and no amount of blaming can hide the fact successive Governments have only been interested in appeasing individuals’ tax appetites and have not shown leadership in delivering an economic and taxation regime that is requisite for funding our crumbling infrastructure deficit.

Neil Anderson, Algies Bay.

Seal of approval

It seems there is some good news regarding Auckland Transport’s work. After notifying the residents of our Rothesay Bay street that it will be resealed, last week the cones went out and all parking on the street was forbidden. Then nothing.

The cones have been removed and roadside parking is apparently permitted again. So Hyde Rd is spared a totally unnecessary road resurfacing and the money which would have been wasted can be used where it is needed. Some hope!

Hugh Anderson, Rothesay Bay.

Spithill sails off

What will international sailing be without Jimmy Spithill? He is without doubt one of the best sailors of all time and one of the great characters.

Sport needs people like Jimmy Spithill. Please rethink your retirement decision, Jimmy – who will Kiwis love to hate? It won’t be the same without your dry humour and one-liners.

Jock Mac Vicar, Hauraki.