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I saw a news story on "60 Minutes" or a show of that nature, that had an in-depth look at the the CEO of Japanese Airlines (JAL). Like all of the other airlines, JAL suffered tremendously in the last year, with the roller coaster of oil inflation, much of which was apparently caused by American speculators. (By the way, JAL has some of the cleanest planes, and some of the best in-flight service you will find, in the World!)
To help combat the problems, the CEO of the Company took it upon himself to radically cut his own salary and benefits. Japanese executives are never paid the obscene salaries their American counterparts are, anyway. In fact, foriegn corporate executives are paid a tiny fraction of the salaries their American counterparts are paid, even if you account for differences in the size of their various companies.
The JAL CEO (sounds like alphabet soup) cut his salary to the level of his own pilots, which I believe was about $90,000 per year. Keep in mind that the cost of living in Japan is sky high, no pun intended. He joked that his wife is angry with him for doing that, because now they don't have the money to buy a new water heater. He got rid of the limousine that used to take him to work, and now uses public transportation. I don't remember whether there was an executive dining room, or whether he used to simply take lunch at fancy restaurants every day; but now, he waits his turn in a long line at the employee cafeteria, refusing offers to move to the head of the line, and eats with his employees, just like real people.
Not everything the Japanese business world does is as successful as the media sometimes portray it, especiallly when they are bashing companies like Ford and GM. And the Japanese car makers enjoy legal advantages over US car manufacturers that really put us as a distinct disadvantage, in terms of pricing and research.
However, there are some incredible, cultural differences between the Japanese and the Americans, in the way they project their images, work toward "team" participation in problem solving and the like. The example of the JAL CEO may be unusual; who knows how many Japanese executives are taking on similar strategies?
But the American executives that are taking bailout money from Americans that are losing their businesses, their cars, their health care insurance and their homes, should be humbling themselves just a little bit on their own. Arrogance is part of what got us to where we are today, in the economy. Taking advantage of our not-so-voluntary assistance should be appreciated, without the need for Governmental insistance!
