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
5:52 am
Wed July 4, 2012

Ex-Barclays CEO To Appear Before British Panel

Transcript

LINDA WERTHEIMER, HOST:

NPR's business news starts with a U.K. interest rate probe.

(SOUNDBITE OF MUSIC)

WERTHEIMER: The former chief executive of Barclays is testifying before a parliamentary committee in Britain. Bob Diamond, who resigned yesterday, is being asked about the rate-setting scandal at the bank. He told lawmakers in the hearing today that it was an unfortunate series of events. Yesterday, Barclays released documents suggesting a Bank of England official may have pressured Barclays to lower its rates. NPR's Jim Zarroli reports.

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Business
4:55 am
Tue July 3, 2012

GlaxoSmithKline To Pay $3 Billion To Settle Charges

British drugmaker GlaxoSmithKline has agreed to pay $3 billion to settle charges that it illegally marketed some of its most popular drugs. U.S. officials say among other things, the company promoted an antidepressant to children that was approved only for adults.

Business
6:46 am
Fri June 29, 2012

Markets Caught Off Guard By Health Care Ruling

Transcript

LINDA WERTHEIMER, HOST:

Yesterday's ruling on health care took the financial markets by surprise. Stocks were mixed with some shares finishing the day sharply higher. By the end of the day, stock traders seemed to shrug off the ruling.

NPR's Jim Zarroli reports.

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Business
5:23 am
Wed June 27, 2012

FBI Op Targets Cyber Criminals Stealing Credit Cards

Originally published on Wed June 27, 2012 6:34 am

Transcript

RENEE MONTAGNE, HOST:

Two dozen people on four continents have been charged with trafficking in stolen credit cards and bank account numbers. Eleven of the defendants were arrested in the U.S. They were caught after allegedly using a website set up by the FBI as part of a sting operation.

NPR's Jim Zarroli reports.

JIM ZARROLI, BYLINE: FBI officials said the arrests yesterday amounted to the largest coordinated international law enforcement action in history. It involved 13 countries in North America, Asia, Europe and Australia.

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Law
4:58 pm
Fri June 15, 2012

Hedge Fund Tycoon Convicted In Insider Trading Case

Originally published on Fri June 15, 2012 6:25 pm

Transcript

MELISSA BLOCK, HOST:

Former Goldman Sachs board member Rajat Gupta was found guilty today of conspiracy and securities fraud. Prosecutors had accused Gupta of passing on inside information about the firm to hedge fund tycoon Raj Rajaratnam. NPR's Jim Zarroli reports.

JIM ZARROLI, BYLINE: The verdict came on only the second day of deliberations. Gupta was acquitted of two charges but convicted of four others. The 63-year-old Indian-born Gupta is the most prominent business leader convicted so far in the government's ongoing insider trading investigation.

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Business
5:23 pm
Wed June 13, 2012

JPMorgan CEO: $2 Billion Loss Was Indefensible

Originally published on Wed June 13, 2012 7:32 pm

Transcript

MELISSA BLOCK, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

AUDIE CORNISH, HOST:

And I'm Audie Cornish. The chief executive of JPMorgan Chase, Jamie Dimon, went to Capitol Hill today. There, he tried to explain his company's recent multibillion-dollar trading losses, but he did not try to defend them. That's because he told the Senate Banking Committee the losses were indefensible. Dimon also said his company may try to recover some of the compensation paid to the traders who were responsible. NPR's Jim Zarroli reports.

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Business
3:18 am
Fri June 8, 2012

Despite Low Rates, Investors Rely On Treasurys

Originally published on Mon June 11, 2012 3:03 pm

Federal Reserve Chairman Ben Bernanke told a congressional committee Thursday that the U.S. economy faces some significant risks, and Fed officials are still deciding what to do about it.

His remarks disappointed a lot of investors who want the Fed to do something to revive growth. Bernanke spoke at a time when interest rates on government debt are hitting lows not seen since the Great Depression.

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It's All Politics
4:32 pm
Tue June 5, 2012

How Accurate Is Obama's Attack On Romney's Jobs Record?

Mitt Romney talks about his plan for creating jobs at a 2011 campaign speech in Las Vegas.
Julie Jacobson AP

Originally published on Tue June 5, 2012 7:53 pm

A new Obama campaign ad says the Massachusetts economy actually fared poorly during Republican presidential candidate Mitt Romney's four years as governor, challenging the notion that Romney knows how to fix the nation's ailing economy.

The ad says that between 2003 and 2007, Massachusetts had one of the worst economic records in the country, lost 40,000 manufacturing jobs at "a rate twice the national average, and fell to 47th in job creation."

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It's All Politics
5:17 pm
Wed May 30, 2012

CEO In Chief? A Business Background Is Rare For Presidents

Mitt Romney addresses the Latino Coalition's 2012 Small Business Summit in Washington earlier this month.
Mary Altaffer AP

Originally published on Thu May 31, 2012 12:17 pm

Republican Mitt Romney is running on the strength of his business background. He says he knows how to fix the economy, in part because of his success at Bain Capital. But history is not necessarily on Romney's side. Very few businesspeople have made it to the White House.

The transition from business to politics isn't necessarily an easy one.

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Around the Nation
4:11 pm
Mon May 28, 2012

Nation Remembers Veterans On Memorial Day

President Barack Obama commemorated Memorial Day and the fiftieth anniversary of the Vietnam War on Monday.

Business
6:29 pm
Wed May 23, 2012

Investors Question Fairness Of Facebook IPO

Originally published on Wed May 23, 2012 7:22 pm

Shares of Facebook on Wednesday made up a little of the ground they've lost since the company's troubled stock offering last week. But the company and its lead underwriter, Morgan Stanley, still face a lot of legal problems.

Some of the investors who bought shares of the company filed a lawsuit alleging that the two companies concealed information about Facebook's expected performance.

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Business
4:32 am
Wed May 23, 2012

CBO Report: U.S. Economy Could Slide Into Recession

Originally published on Wed May 23, 2012 4:41 am

The Congressional Budget Office is warning the U.S. economy could fall back into a recession if Washington doesn't address the looming fiscal crisis. The Bush-era tax cuts are supposed to expire as is a temporary reduction in the payroll tax. Meanwhile, deep cuts in federal spending are supposed to take place if Congress and the White House can't agree on a debt-reduction plan.

Business
5:14 am
Tue May 22, 2012

Prosecutor Links Rajat Gupta To Raj Rajaratnam

Originally published on Tue May 22, 2012 5:36 am

The insider trading trial of Rajat Gupta is underway in New York. Gupta is a former Goldman Sachs board member, who prosecutors say provided inside information to hedge fund manager Raj Rajaratnam. Gupta's lawyer told the jury that the case against his client was based on guesswork and speculation.

Business
5:29 am
Fri May 11, 2012

JPMorgan Chase Loses $2 Billion In Risky Trades

Originally published on Fri May 11, 2012 7:10 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep.

DAVID GREENE, HOST:

And I'm David Greene. Good morning.

JPMorgan Chase has acknowledged losing at least $2 billion over the last six weeks in an investment strategy that went awry. The losses are a big embarrassment to a bank that's usually seen as one of the best-managed on Wall Street. And the incident is already prompting new calls for tighter restrictions on bank trading.

NPR's Jim Zarroli reports.

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Europe
6:43 pm
Wed May 2, 2012

Investors Flee Spain As Economy Spirals Downward

People attend a demonstration in Madrid organized by unions against financial cuts in health and education on April 29.
Dominique Faget AFP/Getty Images

Originally published on Wed May 9, 2012 10:44 am

The news keeps getting worse for Spain. This week came word that the country has fallen back into recession. Meanwhile, Spain's unemployment rate is the highest in Europe. Investors are once again fleeing the country and interest rates on government debt are climbing.

The numbers coming out of Spain these days are stark. The economy contracted at a 0.3 percent rate during the first part of this year. Housing prices are down 21 percent from their peak, and unemployment is nearly 25 percent.

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