The economic downturn of 2008 - or what was known as the financial meltdown on Wall Street - spurred a lot of change in the financial services industry as it grappled with why it happened and how to prevent it from ever happening again.
Here's one thing you may not have thought of: More diversity in key leadership roles could have changed the course of events.
At least, that's what David Wilcox said at a recent conference on improving diversity in the financial sector at Rutgers University-Newark.
"One has to wonder what the financial world would have looked like during the financial crisis if the decision-makers - both in government and in the private sector - would have been more diverse," said Wilcox, director of research and statistics of the Federal Reserve Board of Governors.
"Economics is a tricky business, and even very smart people get it wrong. Our commitment is: Diverse teams include an atmosphere where it's ... encouraged to speak up and say, 'Have you thought about X?' and it is not seen as an act of challenging (a senior official)."
Panelists also discussed the business argument for diversity, and why there are still so few minorities and women in the executive suite.
Nancy DiTomaso, a distinguished professor at Rutgers Business School, said organizations that are only focused on reducing discrimination or focused on implicit bias will not be successful in the diversity space.
Some panelists also pointed out that there are many executives who will say the right things to the press or on surveys - that they want more women and minorities - but take no action to do so.
DiTomaso also pointed out that there is no such thing as a diverse person, and by talking about individuals or groups of ethnically different people, it makes white men the normative group.
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