"If in the process of forgiving and reconciling, we enable other transformations to take place, which is exactly what happened, then that is a better way to go than the thirst -- the understandable thirst let me say -- for vengeance, " he says.

CNN: STORY HIGHLIGHTS

From public disclosures it is impossible to work out the liquidity position of these firms, but it is likely that most will have to refinance existing credit lines in today's far less forgiving world, a process not helped by high local rates and a weak rupee.

ECONOMIST: Infrastructure in India

Welch said he tried to be very forgiving of himself during the whole process and he still is.

CNN: Tired of slights, embarrassment, man sheds 87 pounds