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What does pound-foolish mean?

Looking for the meaning or definition of the word pound-foolish? Here's what it means.

Adjective
  1. Being unwise in dealing with large amounts of money.
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But trying to save money by cutting back on the subsidies is a quintessential example of being pennywise and pound-foolish.
So it's definitely a penny-wise, pound-foolish plan.
Great New York Times article on being pennywise and pound-foolish.
But, we need to overcome our penny-wise and pound-foolish behavior and figure out a way to provide a steady flow of dollars to fix our roads and bridges.
Accordingly, by Dr. Chen's method of calculation, the copayment experience would have to be deemed even more pound-foolish than we found it to be.
This penny-wise, pound-foolish approach needs to be remedied before the council can take the moral high ground on rubbish fines.

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