At least that money can get counted for properly... and venture capital as an asset class still generates double-digit IRRs, and LPs stop funding investors with poor returns.

The Pentagon has spent 20 years and hundreds of millions of dollars in building systems to just try to account for its waste, highly recommend this long read from Rolling Stone: https://www.rollingstone.com/politics/politics-features/pent... and http://nebraskansforpeace.org/pentagon_accounting_fraud

The stuff about government people spending 15 year careers entering phony numbers is just insane: https://www.businessinsider.com/pentagon-accounting-conceals...