Picasa does not support icc profiles

I was playing with Google's Picasa on my windows install and I found out that unbelievably, Picasa does not respect color profiles embedded in images, which is tantamount to assuming that the image is in the monitor profile, i.e. an extremely bad assumption especially since currently so many people use narrow (narrower than sRGB) gamut laptop LCDs. This is probably the worst mistake one can make in any photo organization/editing program and really disappoints me in google. This is almost as bad as Blogger stripping icc profiles from uploaded images. Please Google, get with the program! Even Apple's iPhoto, a slow but great for consumers program, does this correctly.