We learnt recently that even as AIG officials pleaded with government officials to save the company, they also approved a second expensive company junket where top executives went to a secret gathering at a luxury resort in Phoenix. Just in the last day we have seen another failed institution (from succumbing to its excesses of bad toxic debt) being rescued. The Citi rescue package does not do anything to change the failing management.
As I was pondering all this, I came upon this video of the CEO of Japan Air Lines (JAL) and his reactions to the US excesses. I understand that the Japanese economy has its own share of issues, however what I wanted to point out was the humility with which the JAL CEO presents himself. There is no arrogance as displayed by many US CEO's.