by Jessica Shambora

Former White House press secretary Dana Perino (third from left) at the Minute Mentoring event she coordinated. Photo courtesy of Charlotte Sellmyer.

Dana Perino is only 37 years old and already has the title “White House Press Secretary” on her resume.

But at age 25, after working on Capitol Hill for two and a half years, she was saying to herself, “I thought I’d be further along than this.”

All around her, it seemed, men were leap-frogging into higher positions. She wasn’t sure which path would help her advance her own career.

That early confusion and uncertainty makes Perino particularly sensitive to young women in the same predicament today. She is, not surprisingly, also someone whom ambitious young women look to for advice. They ask her what they should do: Go to grad school? Ask for a promotion? Stay in D.C. or work on a local campaign?

Perino, who is now chief issues counselor at PR giant Burson-Marsteller (WPPGY), was struggling to find the time to respond to multitudinous requests when she thought up a solution that she calls “Minute Mentoring.” It’s speed dating applied to mentoring. She coordinated the first event last Thursday in D.C. at the offices of Bracewell & Giuliani, with the help of Susan Molinari, the former New York Congresswoman who is a senior principal at the law firm. (Read yesterday’s post about the Minute Mentoring event.).

Perino had lots of advice to dole out, some of it gathered within the corridors of the White House. Like the time her predecessor as press secretary, the late Tony Snow, told her that she would be briefing the press the following day. All she could think about was the challenge of replacing the man she calls “one of the greatest to ever grace the podium.”

Snow told her, “You’re better at this than you think you are.” And it’s a message Perino passes on to other women who doubt themselves. “It applies to everything in your life, not just your job. You’re a better friend, sister, wife, mother, daughter than you think you are.”

Perino, who was President Bush’s spokesperson for close to two years until he left office last January, told the young women that she used to catch Condoleezza Rice for quick questions as the former Secretary of State made her way from the Oval Office to the Roosevelt Room. “Some of the most effective meetings you’ll have will be in the hallway,” she said.

Perino also had plenty of practical tips:

On self-enrichment: “Turn off the television and read. One hour of reality TV is fun; four hours is destructive. Enrich your brain. Reading makes you a better writer. A lot of men and women coming out of college today are not good writers and it’s very frustrating.”

On health and battling stress: “Find a healthy fitness activity and start incorporating it into your daily life.” Each day before heading to the White House, Perino used to do one hour on the elliptical machine while reading the newspaper.

On taking risks: “Don’t be afraid to move.” Perino shared her own story of moving to England and San Diego before arriving back in D.C. at the job that led to her position at the White House. And she told the young women that if they wanted to run for Congress, they’d have to go back home. “You can’t run for office in D.C.”

What struck Perino the most about the inaugural Minute Mentoring event? The eagerness of well-known, accomplished women to be mentors, whatever their party affiliation. “For as partisan as this town is,” she says, “when it comes to women helping other women, there is no partisanship.”

“As every Iditarod musher knows, if you’re not the lead dog, the view never changes.”

– Sarah Palin, in Going Rogue. Yep, she’s ambitious–and No. 1 on Amazon.com.

Carly Fiorina declared her candidacy for the U.S. Senate–in a bid to replace another well-known woman, incumbent California Democrat Barbara Boxer.

Fiorina, who was No. 1 on Fortune’s Most Powerful Women list for six years when she was CEO of Hewlett-Packard (HPQ), will be pounding the campaign trail simultaneously with another ex-No. 1 on our list: Meg Whitman. The former eBay (EBAY) CEO, who topped Fortune’s power list in 2004 and ‘05, is running for Governor.

Neither woman, both Republicans, will have an easy time in the left-leaning, financially crippled Golden State. Running on her “I’m a great manager” platform, Whitman has a decent shot at her party’s nomination. But she faces a fierce Democratic rival in Jerry Brown, California’s current Attorney General who once was Governor. Another Democratic rival, San Francisco Mayor Gavin Newsom, just dropped out. (For more, check out my recent cover story, “Can Meg Whitman Save California?“)

Fiorina, who yesterday revealed her plans in the Orange County Register, has a personality tailor-made for campaigning: She’s charismatic and commanding. Remember when she was waging that brutal proxy fight to buy Compaq in 2002? She played it like a political candidate–and she won.

But Fiorina, 55, who worked with Whitman on John McCain’s failed Presidential campaign, carries significant baggage into this latest race: She was fired by the H-P board in 2005–as much for her style of leadership as her disappointing execution.

Another battle lately has been a medical one. Fiorina was recently treated for breast cancer. In September, while undergoing daily treatments at Stanford Hospital, she spoke by video-conference, along with Elizabeth Edwards, to participants of the Fortune Most Powerful Women Summit. Here’s a clip:

Kudos to Fiorina for speaking out. The fact that she’s running for the U.S. Senate is a sign that her prognosis is good. And she’s as tenacious as ever.

One of the highlights of last week’s Fortune Most Powerful Women Summit was an appearance by former Secretary of State Condoleezza Rice, who sat down with Fortune’s Washington editor, Nina Easton. Rice got personal about her parents and passion for education. She also waxed political, on Russia, China, Afghanistan and Iran. Whatever their views, Summit audience members were moved, giving Rice a standing ovation as she left the stage. (Read Easton’s take on the interview here.)

Rice’s statement during the interview that the Iranian “regime is done” seems especially prescient in light of recent events.

Last week Iranian President Mahmoud Ahmadinejad tried to rally support by denouncing Israel, only to be met by thousands protesting his alleged victory in June’s election. Earlier today in New York, prior to an appearance before the UN General Assembly, Ahmadinejad softened his usual incendiary rhetoric, urging President Obama to view Iran as a friend, not a threat.

A clip of Easton’s interview with Rice (see below) was shown this morning on ABC’s Good Morning America and last night by Campbell Brown on CNN. –Jessica Shambora

“First of all, I think it’s important to realize that I was actually black before the election.”

– President Barack Obama, on the Late Show with David Letterman Tuesday night. In the first appearance of a sitting President on Letterman’s show, Obama covered health care and Afghanistan, but also addressed concerns that the rage seen at recent town hall meetings was rooted in racism. He doesn’t think it has anything to do with the color of his skin since that didn’t seem to stop a large number of Americans from electing him. His explanation for the outbursts and anger? “When a president tries to enact significant changes, a certain segment of the population gets riled up.” –Jessica Shambora

Today, former eBay (EBAY) CEO Meg Whitman will formally announce her bid for the GOP nomination for the 2010 California gubernatorial race. Whitman wants to cut state spending by another $15 billion and create 2 million private-sector jobs by 2015, according to a speech prepared for today’s announcement in Fullerton, Calif.

But Whitman’s candidacy has been in the works for a while. In March, Pattie wrote a Fortune cover story called “Can Meg Whitman Save California?” about joining Whitman as she hit the campaign trail. Pattie also talked with Whitman on stage last week at the Fortune Most Powerful Women Summit, where Whitman said that campaigning is “more consuming than eBay.” In the interview (see video posted below), Whitman discusses her struggle to remain authentic while campaigning, her position on Prop. 8, and how to keep jobs in California. –Jessica Shambora

By Leigh Gallagher

FDIC chief Sheila Bair gave an insightful and informative interview to CNBC anchor Maria Bartiromo in one of the Fortune Most Powerful Women Summit’s headline sessions today.

Bair, No.3 on Fortune’s Most Powerful Women in Washington list, spent most of the interview doing what she probably does a lot of these days — clearing up confusion about her agency in the public view. Right off the bat, Bair disputed the notion that her agency has said that 400 banks will fail, an oft-cited figure. “Others said that,” Bair said, speaking quickly and definitively, but calmly. “We don’t make predictions.” She said there are 412 banks on the FDIC’s problem bank list, and pointed out that most of those do not fail. “But the list is getting bigger,” she acknowledged. The FDIC has shuttered 92 banks this year, she said.

She also clarified what she called a “misunderstanding” in the media surrounding the FDIC’s reserve fund. The press, she says, has focused on a $10.4 billion figure for the fund, but Bair says that figure is more a “net worth” figure; the funds available for bank rescues for the next 12 months, she told the audience, are $42 billion. But she said that had recently dropped from $52 billion, so “it’s $10 billion lower.”

She also pointed out that there are ways for the FDIC to access more funds, like increasing bank premiums or borrowing from the Treasury. In what has become a common refrain for Bair throughout the financial crisis, she explained to the audience that depositors are safe, and that when a bank is taken by the FDIC there is no risk for banking customers. “There is no way anyone is going to lose a penny over insured deposits,” she said. “They never have and they never will.”

Bartiromo asked Bair what she thought of the institutions that have been deemed too big to fail. Bair said the “unnecessary risktaking” that led to the financial crisis highlighted the fact that those firms have no resolutionary mechanism: a set of “tools to depose them, put them into receivership and wind them down” should they become troubled. She said what was needed was a law that would provide those banks with a framework so they can be put into receivership, much like FDIC-insured banks. “Unless you make it clear to these institutions that they’re going to have pain [or] there’s going to be trouble” if they take too many risks, she said, “you’re going to have a bad situation.”

Bartiromo also asked Bair what it was like to be a woman at the table often dominated by men. “You have to speak up,” Bair said, “and it can be frustrating.” She said sometimes the better way to be heard is by going public, the way she did when she criticized the Obama administration’s loan modification plan earlier this year.

“We will get in a rocket and fly around the moon if that is what it takes to get everybody together and get an agreement.”

– White House press secretary Robert Gibbs on President Obama’s proposed health-care reforms. While Gibbs opted for sarcasm, the President took the philosophical route, recalling landmark social reforms. “These struggles always boil down to a contest between hope and fear,” he said. “That was true in the debate over Social Security, when F.D.R. was accused of being a socialist. That was true when J.F.K. and Lyndon Johnson tried to pass Medicare. And it’s true in this debate today.” My take? It’s just the first episode of a new reality show: “Extreme Makeover, Government Edition.” –Jessica Shambora

“Lots of concerns were raised–and objections. But I said this is something I want to do. And we’re going.”

– Hillary Clinton, U.S. Secretary of State, on her decision to visit the eastern-Congo city of Goma on Tuesday. Goma was at risk of rebel takeover last year, and during her visit Clinton will meet with several women who are victims of rape–a devastating consequence of the conflict. Goma’s geography is also a threat: Its mountainous locale makes landing aircraft difficult–there have been several fatal crashes in recent years. But Clinton insists the urgency of her mission outweighs the danger. –Jessica Shambora

“When he’s not arresting you, Sergeant Crowley is a really likable guy.”

– Harvard scholar Henry Louis Gates Jr., after the “beer summit” with Sgt. James Crowley of the Cambridge Police Department, Vice President Biden and President Obama. Race relations have taken center stage ever since Sgt. Crowley arrested Prof. Gates for disorderly conduct in his own home last week. Of the moniker given to the gathering, the President called it “clever” but clarified, “This is three folks having a drink at the end of the day and hopefully giving people an opportunity to listen to each other.” As for the drinks, Obama opted for Bud Lite, Sgt. Crowley had Blue Moon, Prof. Gates drank Sam Adams Light and Biden had a Buckler nonalcoholic beer. –Jessica Shambora