Picasa colour management (and review)

For several years I'm using Google's Picasa. I like the program and made a review of it:

http://cor-oskam.blogspot.com/2011/02/picasa.html (dutch)

http://translate.google.com/translate?hl=nl&sl=auto&tl=en&u=http://cor-oskam.blogspot.com/ (english)

But I've one question: How is the colour management working? I've a calibrated display and when turning on the Colourmanagement the pictures are displayed with wrong colours. When turning of, the colours are correct. (I checked it with my printer). Anyone who nows how exactly use the colour management of Picasa? So I can really finish my review.