U.S. Financial Bailout Is `Necessary,' Harry Winston CEO Says

The $700 billion plan to rescue the U.S. financial system was ``extremely necessary,'' Harry Winston Diamond Corp. (HWD) Chief Executive Officer Robert Gannicott said.

Gannicott, also chairman of the Toronto-based diamond miner and retailer, commented in a Bloomberg News editorial board meeting. He spoke before the plan was defeated in the U.S. House of Representatives today.

On the bailout proposal:

``When you've got a big problem, you stand up to it and deal with it. And I think it was important to show America was going to do that again, it's not going to waffle around and let things gradually crumble. You're going to get in there and fix it.''

``I believe it was extremely necessary.''

``It's more important than the scale and more important than the details, to show there's determination that we've collectively created a problem and we're going to collectively fix it.''

To contact the reporter on this story: Ron Day in New York at rday1@bloomberg.net.

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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