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
3:09 am
Fri July 13, 2012

JPMorgan To Reveal Earnings, Trading Losses

Originally published on Thu August 30, 2012 12:26 pm

Transcript

RENEE MONTAGNE, HOST:

And the biggest bank in the U.S., JPMorgan Chase, says it has lost $4.4 billion from its failed hedging strategy involving a secretive trader. That's more than twice the bank's earlier estimate. The company released its second-quarter earnings report this morning, and NPR's Jim Zarroli is with us now to talk about them. Jim, what is the company telling investors this morning about that money?

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Economy
3:29 pm
Fri July 6, 2012

Options Slim, Older Job Seekers Try Starting Fresh

John Pham (right) reviews Bob Drake's resume at an AARP event aimed at helping older workers improve their job search. Workers age 55 and older cite particular difficulty finding employment, and some are choosing to retrain for new careers.
Frank Franklin II AP

Originally published on Tue July 10, 2012 2:46 pm

Deborah Klein sits in a parked car, a pile of envelopes on her lap. She's looking for work as a pharmacy technician, and has come to a faded strip mall near Waterbury, Conn., to drop off resumes with employers.

"I hope they get in touch with me, they want to meet with me, and who knows — they may have a position," Klein says. "It may not be now, but if I put something in their hand, they have something to think about."

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Business
3:08 am
Wed July 4, 2012

Ex-Barclays CEO To Appear Before British Panel

Originally published on Wed July 4, 2012 3:52 am

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
2:55 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
3:00 am
Fri June 29, 2012

Financial Markets React To Health Care Ruling

Originally published on Fri June 29, 2012 4:46 am

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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NPR Story
3:13 am
Wed June 27, 2012

FBI Op Goes After Cyber Criminals Stealing Credit Cards

Originally published on Wed June 27, 2012 4:34 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
2:58 pm
Fri June 15, 2012

Hedge Fund Tycoon Convicted In Insider Trading Case

Originally published on Fri June 15, 2012 4:25 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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NPR Story
4:36 am
Thu June 14, 2012

JPMorgan's CEO Calls Losses 'Indefensible'

Originally published on Thu June 14, 2012 5:07 am

The chief executive of JPMorgan Chase, Jamie Dimon, was on Capitol Hill Wednesday, where he tried to explain his company's recent multibillion-dollar trading losses. Dimon told the Senate Banking Committee that the losses were indefensible. He also said the company may try to recover some of the compensation paid to the traders who were responsible.

Business
3:23 pm
Wed June 13, 2012

JPMorgan CEO: $2 Billion Loss Was Indefensible

Originally published on Wed June 13, 2012 5:32 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
1:18 am
Fri June 8, 2012

Despite Low Rates, Investors Rely On Treasurys

Originally published on Mon June 11, 2012 1:03 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
2:32 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 5:53 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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Economy
6:03 am
Sun June 3, 2012

We Got The Jobs Report, Now What?

Originally published on Sun June 3, 2012 8:37 am

Friday's disappointing jobs report added to worries the recovery is in trouble. Only 69,000 new jobs were added to payrolls, and the unemployment rate moved higher, to 8.2 percent. Suddenly there is more talk about the Fed and what it might do to get the economy moving again. NPR's Jim Zarroli reports.

It's All Politics
3:14 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 10:17 am

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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Business
2:53 pm
Wed May 23, 2012

Facebook Underwriters Sued For Hiding Information

Originally published on Wed May 23, 2012 5:22 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
2:41 am
Wed May 23, 2012

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

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
3:36 am
Tue May 22, 2012

Prosecutor Links Rajat Gupta To Raj Rajaratnam

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
4:11 am
Mon May 21, 2012

Ex-Goldman Director Faces Trial On Insider Trading Charges

Originally published on Mon May 21, 2012 4:58 am

Transcript

STEVE INSKEEP, HOST:

A giant of American business goes on trial in New York today. Rajat Gupta is accused of insider trading. He's the one-time chief executive of the consulting firm McKinsey and Company and a former board member of Goldman Sachs.

Prosecutors allege he passed on information about Goldman to billionaire Raj Rajaratnam, who's already in prison for insider trading.

NPR's Jim Zarroli is covering this story from New York. Hi, Jim.

JIM ZARROLI, BYLINE: Hi, Steve.

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Business
2:15 pm
Fri May 11, 2012

Big Losing Bet Tarnishes Wall Street Titan JPMorgan

JPMorgan Chase Chief Executive Officer Jamie Dimon cited "many errors, sloppiness and bad judgment" in announcing a $2 billion loss due to a hedging strategy.
Mario Tama Getty Images

Originally published on Fri May 11, 2012 4:52 pm

JPMorgan Chase is licking its wounds after announcing that it lost at least $2 billion in a hedging strategy that went terribly wrong. The announcement late Thursday sent the bank's shares tumbling more than 9 percent on Friday.

Meanwhile, regulators on both sides of the Atlantic have begun looking into what happened. And there were calls Friday for tighter restrictions on the kind of trades the bank engaged in.

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Europe
4:43 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 8:44 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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Economy
3:20 pm
Fri April 27, 2012

Mixed Signals: Weaker Growth, Higher Profits

Consumers spent more than expected in the first quarter of 2012, partly because they dipped into their savings, but businesses spent less.
Don Ryan AP

Originally published on Fri April 27, 2012 4:05 pm

The U.S. economy lost some steam during the first three months of the year. The Commerce Department said Friday that growth slowed to just 2.2 percent, down from 3 percent at the end of last year.

The good news was that the economy continued to grow during the first quarter of the year. But anyone who was waiting for growth to kick into a higher gear was disappointed once again. One reason for that was a slowdown in business investment — companies spent less on new equipment and software even though profits were surprisingly strong.

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Europe
2:10 am
Fri April 27, 2012

Dilemma For European Banks: Clean Books Or Lend?

Many of the most troubled European banks, like the French-Belgian Dexia, lost money in subprime mortgages and Greek bonds.
Yves Logghe AP

Originally published on Fri April 27, 2012 7:35 am

The walls of the Clock Shop in downtown Frankfurt, Germany, are lined with timepieces of every kind, from cuckoo clocks to digital watches. It's a testament to the store's 55-year history as a functioning business.

One of the things that has remained constant for much of that time is the store's relationship with its bank, owner Basia Szlomowicz says.

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Europe
2:42 am
Mon April 23, 2012

State-Owned German Banks Suffer After Risky Investments

Originally published on Mon April 23, 2012 5:19 am

Unlike the United States, Germany never had a housing bubble. Its mortgage market is too tightly regulated. But some German banks did lose a lot of money in the financial crisis, and they're still paying a big price for it.

Europe
2:42 am
Wed April 18, 2012

Euopean Central Bank Removes Risk Of Global Crisis

Originally published on Wed April 18, 2012 5:50 am

The turmoil in Europe appears to have died down, at least for now. Interest rates have fallen except for Spain. European Central Bank officials say they have contained the crisis — even if a recession occurs. But not everyone is so sure, and the recent rise in interest rates in Spain is making some investors nervous.

Presidential Race
1:01 am
Tue April 17, 2012

Did Obama's Policies Help, Or Hinder, The Economy?

President Obama signs the economic stimulus bill in February 2009, as Vice President Biden looks on. Experts disagree over the impact of the administration's economic policies on the recession.
Darin McGregor AP

Originally published on Tue April 17, 2012 3:14 am

The 2012 presidential election is approaching, and President Obama's fate may hinge on how well the economy fares over the coming months.

On the campaign trail, Republican presidential candidate Mitt Romney has been highlighting the economy's weaknesses. The former Massachusetts governor has made a similar claim about the president, and the recession, at almost every campaign stop.

"I don't blame the president for the downturn," Romney told a crowd in New Hampshire earlier this year. "He didn't cause it. But he made it worse and made it last longer."

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Business
2:00 am
Wed April 11, 2012

What Would The Buffett Rule Mean For The U.S. Economy

President Obama makes a case for the tax proposal dubbed the "Buffett rule" Tuesday at Florida Atlantic University in Boca Raton, Fla.
Marc Serota Getty Images

A tax-the-rich proposal named after Warren Buffett has little chance of passing this year, but that hasn't stopped the debate over what impact it would have.

Some economists are skeptical that a 30 percent minimum tax on people with million-dollar incomes — known as the "Buffett rule" — would do much to reduce the deficit or boost the economy. But the Obama administration says the proposal is necessary to make the tax code more equitable.

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Economy
6:00 am
Sat April 7, 2012

Unemployment Fell, But More Ended Job Hunt

Just when it seemed to be gaining steam, the U.S. job market pretty much stalled in March. Employers added a net 120,000 jobs during the month, defying the higher expectations of a lot of economists. And though the unemployment rate fell, it did so for the wrong reasons.

Over the past few months, the economy has been adding jobs at a good, if not spectacular, pace, and all the signs suggested that trend had continued through March. As it happened, jobs increased at a rate that barely keeps up with population growth.

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Business
12:50 pm
Tue April 3, 2012

City Rents Rise As Buyers Wait Out Housing Bust

The Stuyvesant Town and Peter Cooper Village apartment complexes in New York City.
Mario Tama Getty Images

Originally published on Tue April 3, 2012 9:05 pm

The turmoil in the housing market over the past few years has scared a lot of people away from homeownership. That means many people who can afford to buy are now renting. With so much demand for apartments, rents are once again on the rise. And in places like New York City, they're near record highs.

A few weeks ago Lauren Weitz got her first apartment in the city. Every night when she gets home from the office, she upholds a New York City tradition.

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Business
1:54 am
Thu March 29, 2012

Former MF Global Exec Takes 5th At Hearing

Former MF Global Holdings Ltd. Chairman and CEO Jon Corzine testified on Capitol Hill in December. On Wednesday, a former executive at the company refused to answer lawmakers' questions about events in the run-up to the firm's collapse.
Susan Walsh AP

Originally published on Thu March 29, 2012 9:28 am

A former executive at the center of the meltdown of brokerage firm MF Global appeared before Congress on Wednesday to answer questions from lawmakers. Members of the House Financial Services Committee were hoping assistant treasurer Edith O'Brien would explain the actions of the firm's CEO, ex-New Jersey Gov. Jon Corzine.

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It's All Politics
3:53 pm
Wed March 21, 2012

Republicans Charge High Gas Prices Part Of A Plan To Decrease Consumption

A driver pumps gas into his Toyota Prius hybrid at a gas station in Sunnyvale, Calif., in 2007.
Paul Sakuma AP

Originally published on Thu March 22, 2012 6:23 am

As gasoline prices rise, some Republicans are making a provocative claim about President Obama. They say higher energy prices are actually part of the administration's agenda and they point to some comments made by the president before he took office.

Presidential candidate Mitt Romney was the latest Republican to make the charge about President Obama, and he did so on Fox News Sunday this past weekend, saying, "There's no question that when he ran for office he said he wanted to see gasoline prices go up."

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Economy
3:54 pm
Tue March 13, 2012

Federal Reserve Releases Bank 'Stress Test'

Transcript

MELISSA BLOCK, HOST:

The Federal Reserve has released the results of its much-anticipated stress test of the nation's biggest banks. The Fed says most of the nation's 19 biggest financial institutions passed the tests, although four did not. To find out what this means, we turn to NPR's Jim Zarroli. Jim, first, why is the Fed running stress tests? What are they supposed to show about the banks?

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