You are right that the Jewish Agency is a bloated jole of an organization. Most govt agencies are also bloated and a total waste. I think you might want to read the posts here because evidently the info given out by NBN is not just info but often self interested and even if NBN started out as a noble orga as anything - they too can get bloated and wasteful. This is not a dig at NBN but can apply to any entity. But the point about the Jewish Agency - I agree 100% and I also think most if not all of the govt agencies are wasteful and inefficient. But that applies to every nation.
Netanyahu at Holocaust memorial ceremony: Nazis slandered Jews before destroying them (Haaretz)