Using expert consultants is common in business and government. SEC Inspector General David Kotz used one in his report that slams the agency for missing numerous red flags that foreshadowed the collapse of Bear Stearns.

Difficult times for a company mean difficult times for its board of directors.

And these certainly are difficult times for Washington Mutual, the nation’s largest savings and loan.

Because of losses related to subprime mortgage lending, the Seattle-based firm has closed operations, cut jobs, slashed its dividend, and watched the price of its stock plummet to its lowest level in more than 11 years, closing Friday at $13.07.