It's an old and tired issue: Board members serving on so many boards that they can't really be effective. Sarbanes-Oxley made being a director a lot less cushy, so we haven't heard much about it recently. Then came Bear Stearns. Financial Week notes that three directors serve on four other boards. Two of these directors serve on the audit committee, and one actually chairs the audit committee. Two of them also serve on the risk committee. So some are asking what were they doing? Were they so tied up that they took their hands off the wheel during the long run up to the scandalous implosion? We're not privy to the internal discussions, but it's a fair issue.  

For more:
- here's the Financial Week article [1]

Related Article:
More on the evolving audit committee. Article [2]
Pay for compensation and audit committees soar. Article [3]