SOURCE: Network of Indian Professionals North America

Network of Indian Professionals North America

November 12, 2009 06:18 ET

NetIP-NY Hosts Book Signing With CNBC's On-Air Editor Charles Gasparino

NEW YORK, NY--(Marketwire - November 12, 2009) - NetIP-NY hosted an evening with award-winning reporter Charles Gasparino who spoke to an enthusiastic audience of young Indian American professionals about his new book, "The Sellout" (HarperCollins, Nov. 2009). The book takes an inside look at the causes of the Wall Street crisis. The event was held at the law firm of Alston & Bird in midtown Manhattan, attracting over 30 people who listened intently to Gasparino, as they sipped on red and white wine and tasted savory hors d'oeuvres.

Hosted by the NY chapter of the Network of Indian Professionals (NetIP-NY), this was the last event in a major series of professional development events organized in 2009. NetIP-NY is a non-profit organization dedicated to the overall achievement and advancement of South Asian professionals -- one that has been recognized by political, civic, and community leaders. The Network of Indian Professionals has 24 chapters spanning the US and Canada and focuses its efforts around four main pillars: professional development, cultural awareness, community service and political awareness.

Gasparino, a hard-hitting reporter and on-air editor with CNBC, pulled no punches as he traced the origins of the financial crisis, beginning with the collapse of two hedge funds at Bear Stearns, followed by a full collapse of the company in 2008. Bear Stearns was the first major investment bank to shut down, followed by other stalwarts such as Lehman Brothers and Merrill Lynch (which was forced to merge with Bank of America).

Gasparino, who has written the award-winning "Blood on the Street" and "King of the Club," said the blame had to be shared by many parties, including the leaders of these companies (Stan O'Neal, Chuck Prince, John Thain, Jimmy Cayne), the government and its monetary and fiscal policies. The new book has received stellar reviews, in particular by the Wall Street Journal, which called the book "splendid." Gasparino also questioned the Wall Street bailout and how it has helped profit a firm like Goldman Sachs that has made enormous profits by trading on the money it received from the government.

"Charlie has been a great reporter for many years and has access to some of the top CEOs in the country," observed Amar Patel, the VP of Professional Development for the NetIP-NY, the event organizer. "Our crowd had some insightful questions and everyone enjoyed meeting him."

"We have had a great lineup of speakers in our Professional Development series this year, and we're pleased that Mr. Gasparino could be part of the event," said Rita Bagai, President of NetIP-NY. In echoing Patel's sentiments, she added, "Many of our members work on Wall Street and have lived through this crisis. So it's a very personal story for them and I think they loved hearing from an insider who has broken many big stories on-air."

About NetIP-NY

The Network of Indian Professionals is a 501(c)3 and 501(c)7 non-profit organization dedicated to the overall achievement and advancement of South Asian professionals. NetIP has become a leading organization for South Asian professionals -- one that has been recognized by political, civic, and community leaders across North America. NetIP-NY joins over 20 NetIP chapters across the USA and Canada who have become the unequivocal voice for those who want to excel in all aspects of life.

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