The only team wasting money in the 21st centary have been Honda and if you compare them to HRT then you will probably find that HRT is not wasting money but instead using them in the most effective way possible to make sure they can do the entire 2011 season. (I actually don't know if there have been an other team wasting money in the say Honda did but I took them just as an example.)
And Toyota, they had the highest budget for years, even more than Ferrari, and they couldn't win a single race. That's money wasting! Honda at least gave a good car for Brawn GP at the end! Shows perfectly that their main problem was the Honda engine imo