Trickle-down in action – crumbs for the masses:
Hundreds of students will receive an education grant. Last year the total for education grants came to $900,000. In addition, one individual will receive between $1 and $2 million. Tribal members numbering tens of thousands will receive nothing. The elderly who apply for a grant will be subject to strict conditions before they receive assistance. The ‘one individual’ is not constrained by such conditions and is free to drink booze at luxury casinos with millions of dollars worth of tribal donations to his shonky Ururangi Trust.
In the meantime Mike Pohio of Tainui Group Holdings has been talking big about his multi-billion dollar inland container depot. What a load of rubbish. It just doesn’t add up. People talk about taking billion dollar risks while the vast majority of tribal members have not received a single dollar from the tribe!
Mad Mike Pohio knows all about dodgy investments. Flashback to 2011 and Tainui Group Holdings owes loads of cash to the banks and are about to crash. Mike went and sold off Tainui’s stake in the Ryman company for $58 million. They called it a windfall at the time. We called it madness as the market was in a massive slump. We called it right because the market has hit highs since the selloff – those shares would be valued at $176.6 million today!
Although to be fair to Mad Mike you will not be surprised to learn of Tuku Morgan, Maxine Moana, & Shcaffhausen’s involvement in the crazy decision which led to the tribe missing out on $118,625,000.