By Joyce Kryszak
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-763623.mp3
Buffalo, NY – While in Buffalo Monday, United States Congressman Brian Higgins said he would not support a bail out for Wall Street unless it includes protection for taxpayers.
Higgins called the mess on Wall Street the worst financial catastrophe since the Great Depression. And he said government has no choice but to bail it out. But he said that does not mean he supports writing a "blank check."
He said that means that firms should be more accountable and transparent. And he said executives should not be rewarded for causing the problem in the first place. Higgins said there should be reforms on compensation.
But some lawmakers caution that adding these or other conditions could delay the crucial legislation. Higgins said it won't slow down passage of the bill. And he said lawmakers have no choice but to do this right.
But he agreed that unrelated matters should not be squeezed into the massive package. Higgins also shied away from casting blame for the financial blame on any one person. He said this is not the time for finger pointing.
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