Jim Zarroli

Jim Zarroli is a business reporter for NPR News, based at NPR's New York bureau.

He covers economics and business news including fiscal policy, the Federal Reserve, the job market and taxes

Over the years, he's reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders and Ponzi schemers. He's been heavily involved in the coverage of the European debt crisis and the bank bailouts in the United States.

Prior to moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position he covered the United Nations during the first Gulf War. Zarroli added to NPR's coverage of the aftermath of Hurricane Katrina, the London transit bombings and the September 11, 2001 attacks on the World Trade Center.

Before joining the NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.

Zarroli graduated from Pennsylvania State University.

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Business
8:18 am
Mon December 9, 2013

WTO Nations Say Deal Will Boost Global Trade

Transcript

DAVID GREENE, HOST:

Officials of 159 countries have taken a big step forward in promoting global trade. This happened over the weekend at World Trade Organization talks in Indonesian.

STEVE INSKEEP, HOST:

Here's NPR's Jim Zarroli.

JIM ZARROLI, BYLINE: The countries attending the WTO meeting agreed to a treaty that they say will lower trade barriers and speed up the passage of goods across borders. Officials say the deal could increase global trade by nearly a trillion dollars over time and also create millions of jobs.

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Economy
7:58 am
Sun December 8, 2013

NAFTA Turns 20, To Mixed Reviews

Originally published on Mon December 16, 2013 1:15 pm

Transcript

RACHEL MARTIN, HOST:

It has been almost 20 years since the U.S. Congress approved the North American Free Trade Agreement - New Year's Day to be precise. It was an agreement that was met with all kinds of controversy. Over the next few weeks, NPR will be airing a series of stories looking back at NAFTA. This morning, NPR's Jim Zarroli tackles one of the first assumptions about NAFTA, that it would send a wave of American jobs to Mexico, where labor is cheaper.

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Around the Nation
5:43 pm
Sun December 1, 2013

The Latest From The New York Train Derailment

Originally published on Sun December 1, 2013 7:55 pm

Transcript

ARUN RATH, HOST:

It's ALL THINGS CONSIDERED from NPR West. I'm Arun Rath.

A commuter train derailed as it was heading into Manhattan this morning, killing four people and injuring more than 60. Witnesses say the train appeared to be going too fast as it rounded a curve just north of a train station in the Bronx. The National Transportation Safety Board is trying to piece together what happened.

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Health Care
7:47 am
Sat November 30, 2013

A New Worry Looms Online For The Affordable Care Act

Insurance companies say they are finding numerous mistakes on a digital form that's essential for signing up through HealthCare.gov.
AP

Originally published on Sat November 30, 2013 3:13 pm

Saturday is the day the Obama administration promised it would have HealthCare.gov working smoothly for the majority of people who need to sign up for health insurance.

As the Obama administration scrambles to fix the glitch-plagued site, experts are beginning to worry about another problem that may further impair the rollout of the Affordable Care Act.

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Business
5:15 am
Wed November 27, 2013

Men's Wearhouse Goes 'Pac-Man' On Joseph A. Bank

Originally published on Wed November 27, 2013 5:25 am

The retail company Men's Wearhouse has announced it is launching a takeover battle for rival Joseph A. Bank. What makes the effort unusual is that just last month Joseph A. Bank was trying to take over Men's Wearhouse. The turnaround is an example of what Wall Street calls a Pac-Man defense.

Business
5:01 pm
Fri November 22, 2013

JPMorgan Says It Broke No Law. So Why Pay The $13 Billion?

The U.S. government says JPMorgan Chase & Co. knowingly sold faulty mortgage-backed securities in the years leading up to the financial crisis. The bank says it's broken no laws.
Emmanuel Dunand AFP/Getty Images

Originally published on Sat November 23, 2013 1:20 am

State and federal regulators have hailed Tuesday's $13 billion settlement with JPMorgan Chase & Co. over faulty mortgage assets it sold in the years leading up to the financial crisis as a big victory for the judicial system.

But like other big settlements to emerge from the financial crisis, the deal leaves unclear just what the bank did wrong.

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Business
6:55 am
Thu November 21, 2013

Obama, State Insurance Commissioners Talk Policy Extensions

President Obama met with state insurance commissioners to discuss changes to the implementation of the Affordable Care Act. Some commissioners are in a difficult spot because their states passed laws that prohibit policies that don't comply with the law. Now, the president says companies can keep offering non-compliant policies for another year if they want to.

Business
4:50 am
Fri November 15, 2013

Health Care Cancellation Cure Could Lead To Higher Premiums

Originally published on Fri November 15, 2013 10:49 am

The health care fix announced by President Obama on Thursday may be good news for some consumers, but it creates a big headache for insurance companies and regulators. An insurance industry trade group warns the last-minute change could destabilize the market and lead to higher premiums.

Business
4:42 am
Wed November 6, 2013

Sprecher Slams High-Speed Electronic Exchanges

Originally published on Wed November 6, 2013 5:26 am

The CEO of the firm that's about to take over the New York Stock Exchange has criticized alternative market trading. Jeffrey Sprecher said equity markets, including the NYSE, allow sophisticated traders to take advantage of small investors. He added such models are destined to fail and that people outside the markets have a sense things aren't fair.

Business
12:07 pm
Mon November 4, 2013

SAC Capital Agrees To Plead Guilty To Insider Trading

Originally published on Mon November 4, 2013 5:28 pm

Transcript

DAVID GREENE, HOST:

NPR's business news starts with a guilty plea.

(SOUNDBITE OF MUSIC)

GREENE: SAC Capital Advisors is expected to plead guilty to securities fraud today. The hedge fund company has agreed to pay $1.8 billion to settle charges of insider trader. It's said to be the biggest fine ever in a case like this. The settlement will be announced at a news conference later today in New York City. And that's where we've reached NPR's Jim Zarroli. And Jim, explain for us, if you can, what SAC has actually agreed to here.

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Economy
5:12 pm
Wed October 30, 2013

Fed, Citing A Still-Struggling Economy, Will Keep Buying Bonds

Originally published on Wed October 30, 2013 6:00 pm

Federal Reserve policymakers wrapped up their two-day October meeting Wednesday by announcing that they will maintain the Fed's $85 billion per month bond purchase program. The central bank's statement said that conditions in the labor market have "improved" and inflation is modest. But, in explaining the decision to maintain the stimulus, the statement pointed to a slowing housing market and said that fiscal policy is "restraining economic growth."

Economy
5:15 am
Tue October 29, 2013

Federal Reserve Set To Meet For First Time Since Shutdown

Originally published on Wed October 30, 2013 7:49 am

Transcript

STEVE INSKEEP, HOST:

Oh gosh. One of the stories you're not sure if it came from The Onion or not.

Federal Reserve policymakers are kicking off a two-day meeting today, the first since the government shutdown. The Fed is widely expected to keep interest rates right where they are and continue the big $85 billion per month bond buying program.

NPR's Jim Zarroli reports.

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Politics
5:37 pm
Wed October 9, 2013

Obama Makes Janet Yellen His Official Choice To Head The Fed

Janet Yellen is President Obama's choice to replace Ben Bernanke at the Federal Reserve. The announcement came Wednesday afternoon. If confirmed by the Senate, Yellen will be the first woman to lead the Fed.

Business
5:44 am
Wed October 9, 2013

Treasury Officials Mull Credit Default Solutions

The Treasury Department says it will begin running out of money to pay its bills by Oct. 17, if the partial government shutdown isn't over by then. That prospect worries the financial markets. Treasury debt plays a fundamental role in the global economy, and economists agree that a debt default would have dire consequences. But some Republicans insist that a default doesn't have to happen.

Politics
5:03 am
Wed October 9, 2013

Obama To Nominate Yellen To Lead Federal Reserve

The White House says President Obama will nominate Janet Yellen as the new head of the Federal Reserve Board. She has been a key player in the Fed's efforts to bring the economy back from the Great Recession. If confirmed, she would succeed Ben Bernanke.

Law
4:37 am
Tue October 8, 2013

Jury Selection To Begin For Trial Of Madoff Employees

Originally published on Tue October 8, 2013 8:26 am

Transcript

RENEE MONTAGNE, HOST:

Nearly five years after Bernie Madoff was arrested for fraud, some of his former employees are about to go on trial in New York. The trial is expected to focus on how much the employees knew about Madoff's multibillion dollar Ponzi scheme. Jury selections gets under way today.

STEVE INSKEEP, HOST:

NPR's Jim Zarroli reports.

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Economy
5:23 pm
Thu October 3, 2013

Shutdown Might Mean No Jobs Report, But Does It Matter?

Originally published on Fri October 4, 2013 11:38 am

Transcript

MELISSA BLOCK, HOST:

Among the casualties of this week's government shutdown is one pretty big economic indicator. The Labor Department confirmed today that it will not release September's unemployment report tomorrow as scheduled. The Bureau of Labor Statistics, which compiles the report, says it doesn't have enough people on hand to crunch the numbers.

NPR's Jim Zarroli looks at the impact of the decision on markets.

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The Two-Way
6:08 am
Tue September 17, 2013

JPMorgan To Get Whale Of A Fine For Trading Losses

JPMorgan Chase will reportedly pay a $700 million fine to settle allegations that it made risky trades out of its London office that led to more than $6 billion in losses.
Mark Lennihan AP

Originally published on Tue September 17, 2013 9:38 am

Authorities are set to slap banking giant JPMorgan Chase with a massive fine over the bank's huge trading losses in London last year, confirms NPR's Jim Zarroli.

Though details of the deal are still pending, several reports put the amount at more than $700 million. It comes on the heels of the bank's having recently paid $410 million to settle charges that it manipulated energy markets.

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Politics
4:12 am
Mon September 16, 2013

Summers Pulls His Name From Consideration For Fed Chief

Originally published on Mon September 16, 2013 7:09 am

Former Treasury Secretary Larry Summers has withdrawn from consideration as the next chairman of the Federal Reserve. He cited a potentially divisive nomination hearing. Summers was widely thought to be President Obama's top choice to replace Ben Bernanke next year.

Business
3:46 am
Thu September 12, 2013

5 Years After Financial Crisis, Are Big Banks Still A Threat?

The headquarters of Lehman Brothers in Times Square in 2008, the year the financial services firm filed for bankruptcy.
Hiroko Masuike Getty Images

Originally published on Thu September 12, 2013 11:30 am

It's been five years since Lehman Brothers collapsed and touched off a banking crisis that is still being felt by the global economy. Today, the banking industry is a lot stronger than it was, but some critics say efforts to reform banking regulations have fallen short of their potential.

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Business
4:21 am
Fri August 23, 2013

Wal-Mart Promises To Buy More U.S.-Made Goods

Originally published on Fri August 23, 2013 7:25 am

After decades supplying the American consumer with every import imaginable, Wal-Mart now says it wants to stock its shelves with more goods made in the U.S. In Orlando Thursday, the giant retailer sponsored a conference aimed at encouraging U.S. companies to bring their production back home.

Business
5:47 am
Wed August 21, 2013

U.S. Retailers Vow To Upgrade Bangladesh's Safety Standards

Originally published on Wed August 21, 2013 12:03 pm

Transcript

RENEE MONTAGNE, HOST:

Some of America's biggest retailers announced new steps yesterday aimed at improving safety standards in Bangladesh's troubled garment industry. Wal-Mart and the Gap were among the companies that formed a group called the Alliance for Bangladesh Worker Safety after the deadliest accident ever in the garment industry.

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Law
5:27 pm
Wed August 14, 2013

Former JPMorgan Chase Traders Charged Over 'White Whale' Bets

Originally published on Fri August 16, 2013 8:40 am

Transcript

AUDIE CORNISH, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish.

ROBERT SIEGEL, HOST:

And I'm Robert Siegel.

Federal prosecutors have charged two former JPMorgan Chase traders with securities fraud. The two men worked in London. And they are part of the so-called London Whale case, which cost the company more than $6 billion. U.S. officials say the men lied about the value of some derivatives trades to cover up mounting lawsuits. More from NPR's Jim Zarroli.

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Parallels
3:08 am
Mon August 12, 2013

Too Much, Too Fast: China Sees Backlash From Massive Growth

Originally published on Mon August 12, 2013 11:25 am

At a time when much of the world is mired in economic torpor, China still enjoys enviable growth rates. Yet there's no question that its economy is growing more slowly these days.

Just ask Yan Liwei, a salesman for a construction materials company, who was visiting a park in Shanghai this weekend.

"The number of new construction projects is declining somewhat. It's taking longer for many of our clients to pay us what they owe," Liwei says. "Many small and midsized developers are feeling a cash crunch."

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Business
4:42 am
Wed July 17, 2013

Rising Interest Rates Worry Banking Industry

Originally published on Wed July 17, 2013 5:08 am

Five years after the start of the financial crisis, the U.S. banking industry continues to earn strong profits. On Tuesday, Goldman Sachs became the latest big bank to report better than expected earnings. But rising interest rates mean a riskier environment for banks.

Business
5:01 am
Tue July 9, 2013

Alcoa Kicks Off Earnings Season

Originally published on Tue July 9, 2013 5:56 am

Over the next few weeks, thousands of U.S. based publicly traded corporations will be reporting their quarterly results. Within days though, judgments will start to be made on whether the economy is holding up well enough to justify stock prices that are approaching a new peak. Alcoa says it lost more money than expected during the second quarter of this year because of restructuring costs.

Economy
2:28 am
Mon July 1, 2013

Alabama County Files Plan To Exit Bankruptcy

Originally published on Mon July 1, 2013 10:57 am

Alabama's bankrupt Jefferson County has filed a 101-page plan that would force creditors to lose up to 70 cents on the dollar.

In 2011, the county underwent what's been called the largest government bankruptcy in U.S. history. It's in debt by about $4.2 billion.

Because of combination of corruption and poor management, the municipality was unable to repay money it borrowed to upgrade its sewage system.

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Business
4:33 am
Fri June 28, 2013

Feds Sue Jon Corzine Over MF Global Collapse

Originally published on Fri June 28, 2013 7:13 am

Federal regulators have filed civil charges against former New Jersey Governor Jon Corzine in connection with the failure of his commodities firm, MF Global. The government says Corzine failed to stop the firm from dipping into customer funds during a financial crisis in October 2011.

Economy
5:48 pm
Wed June 19, 2013

G-8 Nations Pledge To Crack Down On Corporate Tax Evaders

Leaders take part in the G-8 summit in Northern Ireland on Tuesday. Their discussions included tax-avoidance issues.
Ben Stansall WPA Pool/Getty Images

Originally published on Wed June 19, 2013 10:18 pm

The world's wealthiest nations are promising to fight what they call the scourge of tax evasion. This week's meeting of the Group of Eight industrialized countries concluded with a pledge to end the use of tax shelters by multinational corporations.

But there are still big questions about how they will make a dent in the problem.

In the aftermath of the global recession, countries all over the world have struggled with budget shortfalls. More and more of them have come to blame part of their revenue problems on one culprit — tax avoidance.

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All Tech Considered
6:30 pm
Wed June 12, 2013

Net Giants Try To Quell Users' Jitters About Their Data

Google, like Facebook, Microsoft and other Internet companies, is concerned that data requests from U.S. surveillance agencies could ultimately damage its reputation in the U.S. and overseas.
Justin Sullivan Getty Images

Originally published on Wed June 12, 2013 7:00 pm

Companies like Google and Facebook are very much caught in the middle of the current debate about national security and privacy. Press reports have said the companies are required to turn over huge amounts of customer data to government agencies like the National Security Agency, but the companies are often barred from saying anything publicly about the requests they receive.

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