Dara Khosrowshahi, the Expedia Inc. president and CEO, was getting downright philosophical about the crisis the company faced a year or so ago, the situation that led to its fee-cutting frenzy.

“I think it was [White House Chief-of-Staff] Rahm Emanuel who said, ‘Never let a good crisis go to waste,’” Khosrowshahi says, drawing some laughs from the crowd at Citi’s 20th Annual Global Entertainment, Media & Telecommunications Conference in San Francisco Jan. 5.

The end result was Expedia eliminated air and reduced hotel booking fees and took a pretty good whack at Orbitz and Travelocity.