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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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
4:29 pm
Wed May 23, 2012

Investors Question Fairness Of Facebook IPO

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
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
3:14 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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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

Would The Buffett Rule Help 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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Rick Santorum
3:34 pm
Thu March 8, 2012

Economic Conservatives Question Santorum's Record

Republican presidential candidate Rick Santorum addresses an election night party in Steubenville, Ohio, on Tuesday.
Jim Watson AFP/Getty Images

Originally published on Thu March 8, 2012 4:12 pm

Support for Rick Santorum's presidential campaign has been driven by his conservative stances on social issues. He has taken unyielding stands against abortion and same-sex marriage.

But on economic matters, his record is more mixed. And some conservatives say that on issues like government spending and trade, he has at times betrayed free-market principles.

For example, when Congress voted to approve the North American Free Trade Agreement — a cause dear to the hearts of conservatives — Santorum, then a Pennsylvania representative, was among those voting against it.

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Europe
3:37 pm
Wed March 7, 2012

Uncertainty Looms As Greek Debt Deadline Nears

People walk past the Bank of Greece headquarters in Athens. Greece toughened its stance to push creditors to accept a debt swap and take heavy losses, just one day before the Thursday deadline for completion of the deal to avert default.
Louisa Gouliamaki AFP/Getty Images

Stock prices rebounded somewhat Wednesday, one day after their biggest sell-off of the year. What caused prices to plunge Tuesday was an all-too-familiar problem: the Greek debt crisis.

European officials have cobbled together a deal to keep Greece from defaulting, and investors all over the world who hold Greek bonds are weighing their options. They're worried about what could happen if they reject the deal.

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Business
1:41 am
Mon March 5, 2012

Are Tax Breaks The Right Move For Manufacturing?

A welder at Specialty Fab in North Lima, Ohio, works March 1 on a piece of a compressor skid frame that is bound for the Ohio Shale project. Manufacturing companies such as Specialty Fab could receive tax breaks if a proposal from the Obama administration goes through.
Jim Watson AFP/Getty Images

Originally published on Fri March 9, 2012 8:51 am

The White House says restoring the U.S. manufacturing sector is an essential part of getting the economy back on track.

GOP candidate Rick Santorum wants to see tax breaks for manufacturing companies, and the Obama administration proposed something similar last week. But economists say tax breaks may not be the best way to help manufacturers right now.

Over the years, the steady loss of good factory jobs is a big reason why wages have stagnated for people who never went to college, says Dean Baker, co-director of the Center for Economic and Policy Research.

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Business
10:01 pm
Sun February 19, 2012

Bondholders To Take A Hit In Greece Bailout Plan

European finance ministers are expected to vote on the latest $171 billion bailout package for Greece Monday. The package needs to be approved so Greece can make payments on bonds that come due a month from now. Even if the bailout is approved, it is likely to be only a temporary solution to Greece's troubles.

Across the Atlantic in New York, Hans Humes likes to ride his bike from his home in Brooklyn to his office at Greylock Capital Management in Manhattan. On a recent morning he showed up for our interview still carrying his bike helmet.

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Shots - Health Blog
10:00 am
Wed February 15, 2012

Does Contraception Really Pay For Itself?

Birth control will be paid for by employees' insurance companies, if their employers refuse to do so.
istockphoto.com

Last week, President Barack Obama announced that religious groups won't have to pay for contraceptive services themselves. Instead, the cost would be borne by their insurance companies.

That compromise has raised a whole new set of questions on its own, though.

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NPR Story
3:00 pm
Thu February 9, 2012

Comparing The Candidates Tax Plans

GOP presidential candidates (from left) Rick Santorum, Newt Gingrich, Mitt Romney and Ron Paul place their hands over their hearts during the national anthem at the start of a debate in Florida last month.
Chip Somodevilla Getty Images

Originally published on Thu February 9, 2012 3:00 pm

Cutting taxes is part of the DNA of the modern Republican Party. All four of the remaining GOP candidates for president have proposed steep cuts in business and personal taxes, and it sometimes seems like Republicans are competing to show the most enthusiasm for tax cuts.

At a debate last month, former Sen. Rick Santorum said tax cuts were needed to get the economy thriving again — even if they benefit the wealthy.

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