President Barack Obama met with top U.S. bankers on Friday to hash out plans to reform Wall Street, rid financial institutions of bad debts and jumpstart lending in an effort to pull the United States out of recession.
Obama who has chastised bank CEOs for taking big bonuses urged them to get credit flowing and quickly deal with toxic assets.
JPMorgan CEO Jamie Dimon told CNBC after the meeting "we know mistakes were made" around executive compensation -- an issue which has spurred a wave of public fury across the United States, and Bank of America's Lewis said everyone understood the "golden age" of bank compensation was over.
The meeting comes just days after the Treasury Department provided details on a private/public plan to cleanse banks' balance sheets and an initiative to overhaul financial rules, significantly.
There's no question that the Obama administration has taken an aggressive stand in the financial crisis. And they're facing some criticism for it.
Paul H. tells us, "Whenever the government is in charge of any program that has big bucks involved there is always big fraud and total chaos."
And Don M. adds "These new regulations are really not new. They are just more of the same. Lawyers and accountants who are clueless about risk taking giving information to clueless bureaucrats who will keep the information secret from the rest of us."
And that leads to our Fast Money Reader Poll. Overall, do you agree with the way the Obama administration has been handling the financial crisis?
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CNBC.com with wires