Is this yet another sign of how America has lost its way? Once a land of honor and integrity, there is much truth to the cynics who declare that America’s “me first” culture is the root of our many societal woes and diminished competitiveness on the world stage.
Case in point, as a follow up to yesterday’s post regarding the steep price cut of the Nintendo 3DS, it was reported today that the company’s president, Satoru Iwata, is taking the blame for this costly blunder and that executives will be taking pay cuts as a result, even issuing himself a 50% salary reduction. This is like the modern day equivalent of the ancient Japanese custom of removing a digit from the hand in the face of dishonor.
Now contrast this with what happens here domestically. In the US, when a CEO bungles the strategy and greatly harms shareholder value, they don’t stick around to fix their errors like Iwata and forego compensation, instead they resign and take multi-million dollar contract buyouts and easily find another company to destroy.