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Russia consistently squanders large sums chasing prestige, with much of the money ending up in the pockets of corrupt officials.
Although the city's contribution to the funds rose sharply, the funds still lost money, ending at $86 billion, down from $99.4 billion last year.
As one endowment manager explained: "So many of our firms raised a lot of money ending a year ago and have not come back since the world changed.
Yet, while the orchestra has survived television and crime waves, changing tastes and internal squabbles, it may not live through a policy change by the city that has put dozens of small arts organizations in competition for public money, ending decades of automatic annual financing.
It is clear, however, there is no simple solution - and some experts fear veering too far from free market forces will create perverse incentives that could result in taxpayers' money ending up in shareholders' pockets with meager benefit to society.
This scandal, referred to by the shorthand 1MDB, has dogged Najib for years, with money ending up in some pretty weird places, including a $33.5 million USD condo in New York, a $250 million USD yacht in Indonesia, and the Hollywood movie Wolf of Wall Street with Leonardo DiCaprio.
Similar(51)
The crucial difference is where the money ends up.
The seized money ends up in different places.
Differences over that clause and deferred money ended the talks.
"Prostitution, drugs, corruption -- that money ends up there.
Too much money ends up in the hands of corrupt regimes and middlemen.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com