The Japanese never learnt the lessons about their cross holdings. For many years when they were strong, it worked wonderfully for them. It is dead weight when they are down. I suppose they are still strong enough to hold out even if they only get weaker from all these.
The strengths and weaknesses of their kereitsu system are identical to the PAP GRC system. It is prone to catastrophic failure. I told one of the ministers after exchanging a few emails with him to check with his colleagues who are more familiar with economics and finance. I assume they have boned up on Nassim Taleb ideas, which aren't new actually - Nothing in finance is new, only the clothings are.
The PAP will change, but transformation to the degree that they will even cut their own salaries as MOS Tan Chuan Jin suggested as possible, I will believe when I see it.
Like their system of cross holding promote weak corporate governance; it has made it possible for Tin Pei Ling to sail into parliament. Now if the PAP would dismantle the GRC system, they run the risk of many MPs losing their seats at the next GE. These are the weak MPs who needed the protection. Would it be nation above party interests?