AIX initdb problem: /usr/local/pgsql/bin/initdb -D /usr/local/pgsql/data fails

I have compiled postgresql on AIX 6.1 without a great deal of
difficulity (./configure -without-readline -without-zlib).

However, the fist step - initdb - fails. I have not been able to
determine which directory it is complaining about.

Suggestions welcome.
========
michael(at)x054:[/data/home/michael]su - postgres
postgres(at)x054:[/home/postgres]/usr/local/pgsql/bin/initdb -D
/usr/local/pgsql/data
could not identify current directory: The file access permissions do not
allow the specified action.
could not identify current directory: The file access permissions do not
allow the specified action.
could not identify current directory: The file access permissions do not
allow the specified action.
The program "postgres" is needed by initdb but was not found in the
same directory as "initdb".
Check your installation.
postgres(at)x054:[/home/postgres]ls -l
/usr/local/pgsql/bin
total 18744
-rwxr-xr-x 1 root system 79898 Jan 05 13:33 clusterdb
-rwxr-xr-x 1 root system 79554 Jan 05 13:33 createdb
-rwxr-xr-x 1 root system 79732 Jan 05 13:33 createlang
-rwxr-xr-x 1 root system 82515 Jan 05 13:33 createuser
-rwxr-xr-x 1 root system 76661 Jan 05 13:33 dropdb
-rwxr-xr-x 1 root system 82087 Jan 05 13:33 droplang
-rwxr-xr-x 1 root system 76613 Jan 05 13:33 dropuser
-rwxr-xr-x 1 root system 686273 Jan 05 13:33 ecpg
-rwxr-xr-x 1 root system 101041 Jan 05 13:33 initdb
-rwxr-xr-x 1 root system 37341 Jan 05 13:33 pg_config
-rwxr-xr-x 1 root system 31437 Jan 05 13:33 pg_controldata
-rwxr-xr-x 1 root system 52157 Jan 05 13:33 pg_ctl
-rwxr-xr-x 1 root system 392643 Jan 05 13:33 pg_dump
-rwxr-xr-x 1 root system 103892 Jan 05 13:33 pg_dumpall
-rwxr-xr-x 1 root system 46554 Jan 05 13:33 pg_resetxlog
-rwxr-xr-x 1 root system 186965 Jan 05 13:33 pg_restore
-rwxr-xr-x 1 root system 6842028 Jan 05 13:33 postgres
lrwxrwxrwx 1 root system 8 Jan 05 13:44 postmaster ->
postgres
-rwxr-xr-x 1 root system 388374 Jan 05 13:33 psql
-rwxr-xr-x 1 root system 82335 Jan 05 13:33 reindexdb
-rwxr-xr-x 1 root system 47359 Jan 05 13:33 vacuumdb
postgres(at)x054:[/home/postgres]ls -l .
total 0
postgres(at)x054:[/home/postgres]ls -la .
total 24
drwxr-xr-x 2 postgres staff 256 Jan 05 13:45 .
drwxr-xr-x 31 bin bin 4096 Jan 05 13:44 ..
-rwx------ 1 postgres staff 254 Jan 05 13:44 .profile
-rw------- 1 postgres staff 884 Jan 05 18:38 .sh_history
postgres(at)x054:[/home/postgres]mkgroup postgres
ksh: mkgroup: 0403-006 Execute permission denied.
postgres(at)x054:[/home/postgres]
michael(at)x054:[/data/home/michael]mkgroup postgres
michael(at)x054:[/data/home/michael]chuser pgrp=postgres postgres
michael(at)x054:[/data/home/michael]chgrp postgres /usr/local/pgsql/data
michael(at)x054:[/data/home/michael]su - postgres
postgres(at)x054:[/home/postgres]id
uid=2010(postgres) gid=2013(postgres) groups=1(staff)
postgres(at)x054:[/home/postgres]/usr/local/pgsql/bin/initdb -D
/usr/local/pgsql/data
could not identify current directory: The file access permissions do not
allow the specified action.
could not identify current directory: The file access permissions do not
allow the specified action.
could not identify current directory: The file access permissions do not
allow the specified action.
The program "postgres" is needed by initdb but was not found in the
same directory as "initdb".
Check your installation.
postgres(at)x054:[/home/postgres]ls -ld /usr
drwxr-xr-x 43 root system 4096 Jan 05 13:40 /usr
postgres(at)x054:[/home/postgres]ls -ld /usr/local
drwxr-xr-x 19 root system 4096 Jan 05 13:32 /usr/local
postgres(at)x054:[/home/postgres]ls -ld /usr/local/pgsql
drwxr-xr-x 7 root system 256 Jan 05 13:45 /usr/local/pgsql
postgres(at)x054:[/home/postgres]ls -ld /usr/local/pgsql/data
drwxr-xr-x 2 postgres postgres 256 Jan 05 13:45
/usr/local/pgsql/data
postgres(at)x054:[/home/postgres]ls -ld /usr/local/pgsql/bin
drwxr-xr-x 2 root system 4096 Jan 05 13:33
/usr/local/pgsql/bin
postgres(at)x054:[/home/postgres]/usr/local/pgsql/bin/initdb -D
/usr/local/pgsql/data
postgres(at)x054:[/home/postgres]