From Longman Business Dictionary
squandersquan·der /ˈskwɒndəˈskwɑːndər/ verb [transitiveT] to spend money or use your time carelessly on things that are not usefulThe bank squandered $500 million playing the U.S. bond market.
squander something on somethingHe squandered the company’s assets on such things as corporate aircraft and very large salaries.
—squandering noun [uncountableU]the irresponsible squandering of stockholders’ assets