Why can't boost wave tool not find default include directory?

I have built the wave tool and now am trying to run my source code through it. But it just doesn't want to find the include directory. I just don't understand. Here's my command:

 $ ../../../../boost_1_53_0/dist/bin/wave.exe  -I/usr/include -E exec.cpp

And here's the output (directory replaced with ... for clarity):

.../test.hpp:19:1: error: could not find include file: stdio.h
.../test.hpp:20:1: error: could not find include file: vector
.../test.hpp:21:1: error: could not find include file: map
.../test.hpp:22:1: error: could not find include file: string

The file at line 19 is:

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#include <stdio.h>
#include <vector>
#include <map>
#include <string> 

Perhaps it how I built it since there is no info on how to do this? I just ran ../b2.exe from the boost_1_53_0/tools directory.

I'm running CYGWIN_NT-6.1-WOW64 TARDIS 1.7.18(0.263/5/3) 2013-04-19 10:39 i686 Cygwin with a g++ version of 4.5.3. g++ has no problem finding the default include directory (I don't have to specify the -I switch). The -I switch doesn't seem to work for any of the other include directories that I wan to use either, but I want this cleared up before I get into that since it might be related.
http://www.boost.org/doc/libs/1_53_0/libs/wave/doc/wave_driver.html

Reading the documentation might prove informative. In particular, the -S option. You might also want to look at the config file option.
Sorry, forgot to mention that I already tried the -S option.
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