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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Economy
3:17 pm
Fri February 1, 2013

Stock Market Rallies On Positive Jobs Report

Originally published on Fri February 1, 2013 5:17 pm

Transcript

MELISSA BLOCK, HOST:

This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block.

AUDIE CORNISH, HOST:

And I'm Audie Cornish.

We're going to take a look now at some economic indicators, and here's one number to start, 14,000. Today, the Dow closed above 14,000 for the first time since 2007. It seems the market liked what it saw in this morning's report from the Labor Department. Employers added 157,000 jobs last month, another example of slow but steady growth in the job market.

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Business
4:10 am
Thu January 31, 2013

Economists Shrug Off Weak U.S. Growth Rate

Originally published on Thu January 31, 2013 5:11 am

The economy shrank a bit in the fourth quarter and analysts are trying to figure out why. It's clear that declines in business inventories and government spending played a role, but was the real problem the narrowly averted fiscal cliff?

Economy
8:43 am
Wed January 30, 2013

In 4th Quarter, Economy Shrank For First Time Since '09

Originally published on Wed January 30, 2013 8:44 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep, with Renee Montagne. Good morning.

Let's try again, shall we, to explain what it means when we hear that the U.S. economy shrank in the fourth quarter of 2012. As we've discussed elsewhere in the program, the decline was slight - just one-tenth of a percentage point - but it is the first contraction of the economy since the Great Recession officially ended in 2009. NPR's Jim Zarroli is with us once again in New York. Jim, good morning.

JIM ZARROLI, BYLINE: Good morning.

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Economy
3:26 am
Sat January 26, 2013

Japan's Economic Plan May Be Bad News For Everyone Else

Masaaki Shirakawa, the governor of the Bank of Japan, speaks before the press in Tokyo on Friday. The central bank announced new measures to stimulate the economy Tuesday.
Rie Ishii AFP/Getty Images

Originally published on Sat January 26, 2013 3:36 pm

Moves taken by Japan's central bank are raising fears that the world could face what's called a "currency war." The measures, announced Tuesday, are designed to flood Japan's moribund economy with money and encourage businesses and consumers to spend more.

Steps like these have been tried again and again by countries all over the world — including the U.S. — in recent years, with mixed success.

What's Wrong With Pouring Money Into The Problem?

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Business
3:22 pm
Tue January 22, 2013

Algeria Attack Raises Security Alarms For Energy Firms

This undated image shows the Amenas natural gas field in Algeria, where Islamist militants raided and took hostages last week. Dozens of hostages and their captors were killed when Algerian forces subsequently raided the facility.
BP AP

Originally published on Tue January 22, 2013 6:48 pm

The prime minister of Algeria is defending his government's response to last week's attack on a natural gas plant that left 37 hostages dead. He says the Islamic militants who were behind the attack planned to blow up the facility and would have killed a lot more people if they hadn't been stopped.

The attack happened at a huge, internationally operated facility in the Sahara. And it underscores the dangers that energy companies face when they do business in politically unstable places.

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Business
3:37 am
Thu January 17, 2013

Gun Makers Worry Revamped Laws Will Hurt Bottom Line

Originally published on Fri January 18, 2013 1:15 pm

Transcript

STEVE INSKEEP, HOST:

You heard the president acknowledge that in some parts of the country - and more specifically, some congressional districts - gun ownership is stronger than in other parts of the country. He would need allies in those places to overcome or persuade the gun industry and its lobbying groups. Industry officials are ready to fight.

As NPR's Jim Zarroli reports, some of the proposals, especially a ban on assault weapons, could take a bite out of gun-makers' revenue.

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Business
3:45 pm
Tue January 15, 2013

Wal-Mart Offers Jobs To Any New Veterans With An Honorable Discharge

Originally published on Tue January 15, 2013 5:54 pm

Transcript

AUDIE CORNISH, HOST:

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

ROBERT SIEGEL, HOST:

And I'm Robert Siegel.

Wal-Mart said today that it will soon begin offering a job to any newly discharged veteran who wants one. The offer comes at a time when new veterans are having a tough time finding work. Also, Wal-Mart CEO Bill Simon promised the company will increase the amount of products it buys from domestic sources.

NPR's Jim Zarroli tells us more about both announcements.

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Business
2:22 am
Tue January 15, 2013

JPMorgan Chase Agrees To Beef Up Risk Management

Originally published on Tue January 15, 2013 4:06 am

Banking regulators are telling JPMorgan Chase that it must take action to improve its risk analysis and money-laundering controls. The bank racked up a $6 billion trading loss last year. CEO Jamie Dimon cited managerial lapses and called the loss inexcusable.

Business
3:55 am
Fri January 11, 2013

Looking Back On Bank Of America's Countrywide Debacle

Originally published on Fri January 11, 2013 6:35 am

Transcript

STEVE INSKEEP, HOST:

Five years ago today, Bank of America announced it was buying the troubled subprime mortgage lender Countrywide Financial for $40 billion. At the time, the financial crisis had not fully revealed itself, and many people thought Bank of America was getting a good deal. Instead, the acquisition has turned into a never-ending legal and financial nightmare. NPR's Jim Zarroli reports.

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Business
4:06 am
Tue January 8, 2013

Settlements Underscore Damage Done In Housing Crash

Transcript

STEVE INSKEEP, HOST:

Some other news: Some of the biggest banks in the country have agreed to pay more than $18 billion to settle allegations of wrongdoing in their mortgage lending. That's today's "Business Bottom Line."

Bank of America said yesterday it would pay more than $10 billion to the mortgage company Fannie Mae because of bad loans sold during the housing boom. And in a separate settlement, 10 banks agreed to pay more than $8 billion in total, to settle claims that they made errors in foreclosing on people's homes. NPR's Jim Zarroli reports.

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Around the Nation
2:50 pm
Fri January 4, 2013

U.S. Unemployment Rate Held Steady In December

Originally published on Fri January 4, 2013 5:02 pm

Transcript

AUDIE CORNISH, HOST:

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

ROBERT SIEGEL, HOST:

And I'm Robert Siegel.

We got a snapshot of the economy at the end of 2012 today. And if you are hoping for a big change in this morning's jobs report, the picture is probably disappointing. In short, it's more of the same.

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Business
3:29 pm
Wed January 2, 2013

Avis And Zipcar Partnership Could Reshape Rental Business

Originally published on Wed January 2, 2013 5:51 pm

Transcript

AUDIE CORNISH, HOST:

From NPR News, it's ALL THINGS CONSIDERED. I'm Audie Cornish.

ROBERT SIEGEL, HOST:

I'm Robert Siegel. And here's a case of an old business colossus buying up a scrappy innovator. Avis, the traditional car rental company, is buying Zipcar for $500 million. Zipcar is the car-sharing company with the slogan: Wheels when you want them. NPR's Jim Zarroli reports the deal illustrates how car sharing is reshaping the rental business and drawing in a new demographic.

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Economy
2:13 am
Mon December 31, 2012

Europe Fails To Stimulate Growth In 2012

Originally published on Mon December 31, 2012 10:52 am

The U.S. economy grew at a steady though not very strong pace this year. But Europe slipped back into recession because of the ongoing debt crisis. European leaders took steps to stimulate growth, but it wasn't enough to reverse course.

The economic crisis that got under way five years ago was felt all over the world. But Mohammed El-Erian, CEO of the investment firm PIMCO, says different regions have healed at much different rates.

The year "2012 was another multispeed world globally, in the sense that different parts did different things," he says.

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Business
3:07 pm
Thu December 20, 2012

NYSE To Change Hands In $8.2 Billion Deal

Originally published on Thu December 20, 2012 8:18 pm

Transcript

ROBERT SIEGEL, HOST:

After more than two centuries as an independent company, the New York Stock Exchange is about to change hands. It's being acquired by Atlanta-based IntercontinentalExchange, or ICE, as part of a deal valued at $8.2 billion. In recent years, ICE has exploded in growth.

And as NPR's Jim Zarroli reports, today's announcement is the latest in a series of rapid-fire changes that have transformed the world of stock trading.

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Around the Nation
3:31 am
Tue December 18, 2012

Conn. Adult Shooting Victims Hailed As Heros

Originally published on Tue December 18, 2012 6:17 am

Six school employees died in the shooting at Sandy Hook Elementary School on Friday. President Obama has hailed them as heroes. The six women included a veteran school psychologist, a dedicated special education teacher and a young substitute at the beginning of her career.

Around the Nation
3:05 pm
Sun December 16, 2012

Sandy Hook Principal: Charismatic And Passionate

Originally published on Sun December 16, 2012 4:38 pm

Dawn Hochsprung, the principal of Sandy Hook Elementary School, was killed in the shootings in Connecticut Friday. In her two years at the school, Hochsprung had become a favorite of students and parents for her charismatic leadership and warm personality. She died trying to overpower the gunman.

Shootings In Newtown, Conn.
2:34 am
Sat December 15, 2012

Small Town Tries To Cope With Unimaginable Tragedy

Mourners gather for a vigil service for victims of the Sandy Hook Elementary School shooting at St. Rose of Lima Roman Catholic Church in Newtown, Conn., on Friday night.
Andrew Gombert AP

Originally published on Sun December 16, 2012 11:43 am

Newtown, Conn., is a white-collar community an hour and a half northeast of New York City. It's the kind of place where crime is rare and the biggest thing that happens each year is the Labor Day parade.

Now the peace and quiet has been shattered, and residents are trying to make sense of what's happened.

Hours after the shootings that left so many people dead, St. Rose of Lima Catholic Church opened its doors for a prayer vigil. People filed through the streets and past houses decorated with Christmas lights.

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Europe
3:25 pm
Thu December 13, 2012

E.U. Votes To Have A Single Regulator For Its Banks

Originally published on Thu December 13, 2012 6:01 pm

Transcript

AUDIE CORNISH, HOST:

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

ROBERT SIEGEL, HOST:

And I'm Robert Siegel.

European leaders have taken a big step forward in their efforts to address the continent's debt problems. At a meeting today in Brussels, they approved the idea of a single regulator who would have power over most of Europe's banks. Officials say such a regulator could have averted the kind of credit bust that has crippled the economies of Spain, Greece and Ireland.

NPR's Jim Zarroli has that story.

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Business
3:38 pm
Tue December 11, 2012

U.S. Officials Hope HSBC Penalty Sends A Message

Originally published on Wed December 12, 2012 2:55 pm

Transcript

ROBERT SIEGEL, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.

AUDIE CORNISH, HOST:

And I'm Audie Cornish. It is the biggest penalty ever paid by a bank to the U.S. government. HSBC, a British company, will hand over $1.9 billion to settle a money laundering case. The Justice Department says HSBC violated the bank secrecy act and the trading with the enemy act by doing business with the likes of Iran.

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Business
4:36 am
Tue December 11, 2012

HSBC Agrees to Settle Money-Laundering Case

Originally published on Tue December 11, 2012 8:55 am

Transcript

DAVID GREENE, HOST:

This is MORNING EDITION from NPR News. Good morning. I'm David Greene.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

British banking giant, HSBC, will pay 1.9 billion dollars to the U.S. to settle allegations of money laundering. In a statement released overnight, the bank said it accepts responsibility for past mistakes. U.S. officials will have further details of the settlement later today. NPR's Jim Zarroli has more.

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Around the Nation
2:24 pm
Fri December 7, 2012

Unemployment Falls To Lowest Rate In Four Years

Originally published on Fri December 7, 2012 9:50 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 nation's unemployment rate fell to 7.7 percent in November, that's the lowest it's been in four years. The Labor Department's latest jobs report released this morning showed employers added more jobs than expected.

But as NPR's Jim Zarroli reports, economists warn these new numbers aren't what they appear to be.

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It's All Politics
3:52 pm
Wed December 5, 2012

Looming Spending Cuts Would Hit Hard All Over

Alan Krueger, chairman of the president's Council of Economic Advisers, warns that consumer spending will drop if Congress and the White House fail to reach a deal on spending cuts and tax increases.
Jewel Samad AFP/Getty Images

Originally published on Wed December 5, 2012 4:09 pm

Tax increases are only a part of what lies ahead if Congress can't come to an agreement to avert the fiscal cliff by the new year. Massive spending cuts will also kick in — and those cuts will be felt throughout the economy.

The current stalemate got under way two years ago when Congress, locked in a bitter partisan battle over whether to extend the George W. Bush-era tax cuts, passed what was known as the Budget Control Act of 2011.

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Business
4:55 am
Tue December 4, 2012

Feds Sue Chinese Audit Firms

Transcript

DAVID GREENE, HOST:

NPR's business news starts with questions for Chinese regulators.

(SOUNDBITE OF MUSIC)

RENEE MONTAGNE, HOST:

The United States has accused five Chinese auditing firms of violating U.S. securities laws. A lawsuit says the auditors are refusing to turn over documents tied to companies that the U.S. wants to investigate.

NPR's Jim Zarroli has the story.

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Business
6:19 am
Thu November 29, 2012

Companies Rush Dividends To Beat Possible Tax Hike

Originally published on Thu November 29, 2012 7:18 am

Transcript

DAVID GREENE, HOST:

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Business
2:48 pm
Mon November 26, 2012

Holiday Season May Be A Good One For U.S. Retailers

Originally published on Mon November 26, 2012 4:18 pm

Cyber Monday saw a big retail push following a Black Friday that expanded into Thanksgiving Day. The big question now is whether all the early shopping will boost total holiday sales or just push them up earlier on the calendar.

Superstorm Sandy: Before, During And Beyond
3:42 pm
Fri November 16, 2012

Seaside After Sandy: Is Rebuilding Worth It?

Ernest Shallo, of Carteret, N.J., throws a ruined air conditioner onto a pile of debris in front of a small home in Seaside Heights, N.J. Residents were allowed back in their homes for a few hours Monday, two weeks after the region was pounded by Superstorm Sandy.
Mel Evans AP

Originally published on Fri November 16, 2012 6:07 pm

Ever since Hurricane Sandy ripped through the New Jersey coast, some of the hardest-hit towns have been closed altogether. Authorities say gas leaks and unstable buildings have made them too risky to visit.

This week, residents were allowed to enter Seaside Heights for a few hours each day to get a firsthand look at the damage. Many are struggling with whether to rebuild their homes.

Weighing The Cost

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Business
3:06 am
Thu November 15, 2012

House Report Blames Corzine For MF Global's Demise

Originally published on Thu November 15, 2012 4:53 am

Transcript

LINDA WERTHEIMER, HOST:

House Republicans have released portions of a report on the collapse of MF Global, the commodities firm run by former New Jersey Governor Jon Corzine. The report chastises Corzine for taking excessive risk.

NPR's Jim Zarroli reports.

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Business
3:37 am
Wed November 14, 2012

Down Economy Injures Local Hospitals

Originally published on Wed November 14, 2012 6:06 am

The health care industry is one of the most reliable sources of new jobs in the country. And in cities that suffer from high unemployment, the local hospital is often the biggest employer still standing. But the downturn in the economy has left some hospitals in perilous financial shape. In Waterbury, Ct,, the biggest hospitals are going through a painful process of outsourcing and layoffs.

Superstorm Sandy: Before, During And Beyond
1:33 am
Tue November 13, 2012

Beach Towns Mourn Sandy-Ravaged Boardwalks

Waves break Oct. 31 in front of a destroyed amusement park wrecked by Hurricane Sandy in Seaside Heights, N.J.
Mario Tama Getty Images

Originally published on Tue November 13, 2012 11:15 am

Hurricane Sandy left a long trail of destruction across the New Jersey shoreline. And it did a lot more than just flood houses.

In towns like Seaside Heights and Belmar, Sandy wiped out the boardwalks that line the beach. In places like these, boardwalks served as the commercial center knitting the towns together, and residents are wondering where to go from here.

Until two weeks ago, the boardwalk was the place to hang out in Belmar, N.J. Ann Summer was walking along the water with her husband this weekend.

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Business
2:45 am
Fri November 9, 2012

Sandy's Effects 'Staggering' To New York's Economy

Originally published on Fri November 9, 2012 10:46 am

Transcript

RENEE MONTAGNE, HOST:

The governor of New York, Andrew Cuomo, also held a press conference yesterday, and gave a warning that Sandy could end up costing his state $33 billion in economic damage, which could worsen the state's already-perilous fiscal situation.

NPR's Jim Zarroli reports.

JIM ZARROLI, BYLINE: Cuomo said the initial estimates are that the storm will cost the region $50 billion in lost economic activity and infrastructure damage. And he said two-thirds of that will be borne by New York.

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