Obama, bankers discuss regs, reform

WASHINGTON, March 27 (UPI) -- U.S. President Barack Obama walked away from a meeting with bankers Friday believing they had a good, productive conversation, the White House said.

Obama and the bankers discussed the importance of isolating toxic assets and that banks had to resume lending, presidential spokesman Robert Gibbs said during a White House news briefing.

"The president emphasized that Wall Street needs Main Street and that Main Street needs Wall Street, that everybody has to pitch in, that we're all in this together," Gibbs said.

Meeting participants also discussed regulatory reform, executive compensation, and "the importance of recognizing that the American public is going through in this economic crisis," Gibbs said. Insurance giant American International Group has received withering criticism for paying $165 million in bonuses while it received $170 billion in federal assistance.

"Overall, the president was very pleased about the meeting, continued to stress the need for open lines of communication, and also to stress that ... he had no agenda beyond working to get a solution, the right solution for our financial system and to get it stabilized and working again for the American people," Gibbs said.