Schwarzenegger, Warren Buffett chat at Women's Conference

But what could have been austere talk about falling stock prices and glass ceilings drew laughter and gasps from many of the 10,000 women in the audience when Buffett, playing to the crowd, hit Matthews with a particularly challenging question: "If you could have changed your sex into that of a woman, would you have?"

Matthews smiled sheepishly, then rambled about the virtues of womanhood.

Schwarzenegger eventually reminded him: "You didn't answer the question." Then Schwarzenegger took off on his own ruminations about the power and potential of women, although he pointed out that, "Here in California, they do have men that become women."

Matthews fired back: "Is that what you mean by 'girlie boys'?" a reference to Schwarzenegger's infamous label for gutless legislators.

"It was funny, but it drove a point home," said Karen Kaliseck, executive vice president of Women Media, a website offering expert advice for working women. "Buffett stumped Matthews. But Matthews' hesitation to answer that question reflected the hesitation of corporate executives who do not take women to the top of the ladder."

Marta Vasel, a regional asset manager from Chicago, said: "There was no right answer to that question. But it made all these guys human."

An estimated 14,000 women will be gathering today at the conference at the Long Beach Convention Center. The event, which began more than two decades ago as a government initiative for women small business owners and working professionals, has mushroomed into the largest forum of its kind in the United States.

California first lady Maria Shriver shaped this year's conference theme, "Be who you are. Feel it. Live it. Pass it on," with the goal of encouraging women to discover their purpose, passion and power. Other scheduled speakers were to include Secretary of State Condoleezza Rice and leading women's advocate Gloria Steinem.

Sahagun is a Times staff writer.

louis.sahagun@latimes.com