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.

Pages

All Tech Considered
5:57 pm
Wed February 27, 2013

As States Embrace Online Gambling, Questions Arise

Internet gambling has become legal in New Jersey and Nevada, but experts say enforcement and regulations still need to be straightened out.
Jim Mone AP

Originally published on Wed February 27, 2013 6:35 pm

Several states are rushing to establish a foothold in online gambling — an activity that federal officials were only recently trying to ban.

Just a while ago, the federal government actually viewed online gambling as a crime. Lately, the Obama administration has taken a more permissive stance. It now allows states to sell lottery tickets online.

New Jersey Gov. Chris Christie had expressed reservations about online gambling a month ago and had vetoed an earlier version of the bill. But in the end, the pressure to sign the legislation was just too great.

Read more
Business
6:36 pm
Tue February 5, 2013

S&P Lawsuit Puts Ratings Firms Back In The Spotlight

In a lawsuit, the Justice Department alleges Standard and Poor's misled investors with fraudulent credit ratings. The agency could seek more than $5 billion in damages.
Henny Ray Abrams AP

Originally published on Tue February 5, 2013 7:17 pm

The Justice Department said Tuesday it could seek more than $5 billion in damages from Standard & Poor's, the nation's biggest credit ratings company, a day after it sued the company, alleging that S&P defrauded investors by giving triple-A ratings to risky subprime mortgage investments.

Read more
Economy
10:44 am
Wed January 30, 2013

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

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.

Read more
Economy
5:26 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 5:36 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?

Read more
Business
6:06 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.

Read more
Economy
4:15 am
Mon December 31, 2012

Europe Fails To Stimulate Growth In 2012

Originally published on Mon December 31, 2012 12:52 pm

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.

Read more
NPR Story
4:18 pm
Fri December 28, 2012

Major Port Strike Averted — For Now

Originally published on Fri December 28, 2012 5:06 pm

Transcript

AUDIE CORNISH, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish. A strike has been averted at many of the nation's busiest shipping ports, at least temporarily. The union representing longshoremen at ports along the East Coast and the Gulf of Mexico have threatened to walk off the job starting Sunday. But as we hear from NPR's Jim Zarroli, port operators and the union have reached agreement on one of their most contentious issues.

Read more
Shootings In Newtown, Conn.
4:34 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 1:43 pm

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.

Read more
It's All Politics
6:09 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

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.

Read more
Superstorm Sandy: Before, During And Beyond
5:42 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 8:07 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

Read more
Business
6:53 am
Thu November 15, 2012

House Report Blames Corzine For MF Global's Demise

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.

Read more
Superstorm Sandy: Before, During And Beyond
3:33 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 1:15 pm

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.

Read more
Business
4:46 am
Fri November 9, 2012

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

Originally published on Fri November 9, 2012 12:46 pm

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.

Read more
Superstorm Sandy: Before, During And Beyond
8:48 am
Wed November 7, 2012

In Storm-Ravaged N.J. Town, A Scramble At The Polls

Originally published on Wed November 7, 2012 10:31 am

Transcript

RENEE MONTAGNE, HOST:

And it was no ordinary Election Day either in Belmar, New Jersey, one of the beach towns that was badly damaged by Superstorm Sandy. Some of the regular polling places were flooded out and town officials had to come up with new ways to get voters to the polls. NPR's Jim Zarolli reports.

JIM ZAROLLI, BYLINE: These days the Belmar Town Hall has been turned into a kind of rescue center for displaced residents, a place where they can get food and clothing. And yesterday they could vote, too.

Read more
Around the Nation
5:38 pm
Fri November 2, 2012

After The Storm, Staten Islanders Share The Misery

Steve Santo stands in the kitchen of his house on the south side of the New York City borough of Staten Island on Friday.
Mike Segar Reuters/Landov

Originally published on Mon November 5, 2012 1:35 pm

Much of the worst damage from Superstorm Sandy happened in New York's less touristy outer boroughs.

Some neighborhoods have been changed forever by the storm. Staten Island saw half of the city's fatalities. On Friday, residents sorted through waterlogged belongings and tried to figure out next steps.

Rosemarie Caruso lives a block from the water on the eastern shore of Staten Island. She says there have been hurricanes before and all they brought was a little flooding. She figured she could ride out Sandy.

Read more
Around the Nation
5:16 pm
Tue October 30, 2012

Rising Waters Leave Some Trapped in Moonachie, N.J.

Transcript

AUDIE CORNISH, HOST:

Hurricane Sandy made landfall in southern New Jersey and left a path of destruction all the way up the state. Just across the river from New York in Bergen County, water flowed over the top of a levee along the Hackensack River, and then it poured into the town of Moonachie.

NPR's Jim Zarroli went there today.

Read more
Business
5:21 pm
Tue October 23, 2012

Dow Falls 243 Points On Worst Day In Months

Originally published on Wed October 24, 2012 4:18 am

Transcript

MELISSA BLOCK, HOST:

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

AUDIE CORNISH, HOST:

And I'm Audie Cornish. Now, some business news. This past Friday and again today, the Dow Jones industrial average fell more than 200 points. The drop occurred after several big U.S. companies turned in disappointing results. NPR's Jim Zarroli explains.

Read more
World
5:31 pm
Fri October 12, 2012

Do Chinese Tech Firms Pose U.S. Security Threat?

Staff and visitors walk past the lobby at the Huawei office in Wuhan, China. Beijing has urged Washington to "set aside prejudices" after a draft congressional report said Chinese telecom firms Huawei and ZTE were security threats that should be banned from business in the U.S.
AFP/Getty Images

Originally published on Fri October 12, 2012 5:59 pm

Over the past decade, Chinese companies have become major players in the global telecommunications market. This week the House Intelligence Committee issued a report that could interrupt that growth. The committee warned American companies not to do business with two of China's main telecom manufacturers, saying they posed a security threat.

Huawei Technologies is the miracle story of the Chinese high-tech industry, says telecommunications consultant Roger Entner.

Read more
The Salt
3:42 am
Thu October 4, 2012

Despite Greek Economy, Athens Cupcake Business Thrives

Nicole Kotovos arranges cupcakes in the case at her store in Athens.
Jim Zarroli NPR

Originally published on Thu October 4, 2012 10:19 am

Nicole Kotovos was searching for a way to start a new life when the idea struck her: She would go to her ancestral homeland of Greece and open an American-style bakery cafe. She would bring the cupcake fad to Athens.

What she didn't figure on was the historic downturn in the Greek economy.

The former New York TV producer arrived in 2008, just as the country's debt-mired economy was falling into a deep recession it still hasn't emerged from.

Read more
The Salt
3:51 pm
Wed September 26, 2012

Greek Credit Crisis Forces Winemakers, Food Canners To Adapt

Winemakers like Stellios Boutaris, shown near his vineyard outside Naoussa, Greece, and other business leaders have been forced to pursue new financial tactics because credit is hard to come by.
Jim Zarroli NPR

Originally published on Wed September 26, 2012 5:54 pm

When the economic crisis erupted in Greece and the bottom fell out of the domestic wine market, the Kir-Yianni vineyard outside picturesque Naoussa decided to adapt. Like other wineries in Greece, it has increasingly tapped the export market, successfully marketing and selling wine in Europe, the United States and even China.

"If you ask me, this crisis has been good for us," says Stellios Boutaris, the son of the company's founder. "It's going to make us stronger."

Read more
The Salt
4:24 pm
Tue September 25, 2012

Greek Olive Oil Woes Echo Country's Broader Economic Challenges

A Greek farmer drives home with his fresh pressed olive oil in barrels near Alyki, Greece. The country's pure olive oil is hard to find, expensive and poorly marketed, businessmen say.
Matthias Schrader AP

Originally published on Tue September 25, 2012 7:39 pm

Greece is in the fifth year of a painful recession, and it doesn't look like it's going to end anytime soon. One big problem the country faces is a shortage of strong companies that know how to compete on the world market. And nowhere is this more painfully apparent than in the challenges faced by the country's olive oil business.

Read more
Europe
5:45 am
Thu September 13, 2012

Austerity Tested In The Netherlands

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with a boost for the euro.

(SOUNDBITE OF MUSIC)

INSKEEP: Opponents of the European currency have been dealt a big setback in the Netherlands. The center-right Liberal Party, which favors remaining in the eurozone, won the most seats in yesterday's parliamentary elections.

NPR's Jim Zarroli reports.

Read more
Economy
6:21 am
Thu September 6, 2012

European Central Bank Meets On Interest Rates

Originally published on Thu September 6, 2012 10:17 am

Transcript

RENEE MONTAGNE, HOST:

When the European Central Bank holds its monthly meeting today, investors around the world will be watching nervously to see what the bank's head, Mario Draghi, says about interest rates. Draghi was recently quoted as saying he would do whatever it takes to keep Europe's debt crisis from growing out of control, and that could go beyond just cutting borrowing rates.

As NPR's Jim Zarroli reports, any European Central Bank plan to use its resources to prop up Europe's weaker economies will face strong opposition from the Germans.

Read more
It's All Politics
3:25 am
Mon August 27, 2012

Romney's Plan To Broaden Tax Base Finds Critics

Republican presidential candidate Mitt Romney speaks at a town hall meeting in Grand Junction, Colo., on July 10. Romney says he wants to sharply cut income tax rates, but that those cuts would be revenue-neutral.
Nicholas Kamm AFP/Getty Images

Originally published on Mon August 27, 2012 1:22 pm

Republican presidential candidate Mitt Romney says he favors keeping all of the Bush-era tax cuts and then adding some more. To pay for these cuts, he would reduce or eliminate some of the tax deductions that many Americans have come to rely on. But his proposals are already facing a lot of resistance.

Read more
Business
5:35 am
Wed August 15, 2012

British Bank Settles Money Laundering Charges

Transcript

RENEE MONTAGNE, HOST:

A British bank has agreed to settle charges that it illegally laundered Iranian money. The settlement with Standard Chartered was announced by New York banking regulators, who'd brought the charges just a week ago. The bank still is under investigation by the federal government. NPR's Jim Zarroli has more.

Read more
Your Money
5:51 am
Sun August 12, 2012

Some Small Investors Still Wary Of Betting On Wall St.

Traders prepare for the start of early trading at the New York Stock Exchange. Some say there's been a loss of faith in the stock market's return on investment over the last 15 years.
Bebeto Matthews AP

Originally published on Mon August 13, 2012 5:55 pm

Ten years ago, Andres Cortez, a chauffeur in Los Angeles, might have been part of the hordes of people dabbling in day trading or haunting the online stock forums. He might have been bragging to his friends about the money he made in tech stocks, or learning how to margin trade at a night school.

Instead, he keeps his distance from stocks.

As he stands by his car and waits for a passenger downtown, Cortez says he has a little money he's put aside and is keeping it in a savings account, where it earns virtually nothing.

Read more
Business
6:15 pm
Wed August 8, 2012

Tax Evaders Beware! Money's Getting Harder To Hide

The U.S. government has been working for years to crack down on Americans dodging taxes overseas. In 2009, under intense pressure, the Swiss bank UBS released the names of its American customers.
Fabrice Coffrini AFP/Getty Images

Originally published on Thu August 9, 2012 3:51 pm

Republican presidential candidate Mitt Romney has acknowledged that he had money in a Swiss bank account until 2010. Romney says he wasn't trying to hide the money, since he reported the account to the government.

Even so, he closed the account at a time when the federal government was in the middle of a major crackdown on offshore tax havens — a crackdown that has made it harder for Americans to hide their money overseas.

Read more
Economy
3:00 am
Tue July 17, 2012

Romney's Plan To Revive Jobs Has Mixed Results

Republican presidential candidate Mitt Romney speaks about job numbers July 6 at Bradley's Hardware in Wolfeboro, N.H.
Charles Dharapak AP

Originally published on Tue July 17, 2012 5:10 pm

Republican presidential candidate Mitt Romney says he can do better than President Obama at finding jobs for unemployed Americans. One way he would do that is by bringing back personal re-employment accounts.

When people lose their jobs, one of the first places they turn to is their state unemployment office, where they can sign up for unemployment benefits; they often can enroll in some kind of retraining class as well.

In 2004, the Bush administration conducted an experiment to begin privatizing a small part of the federal retraining program.

Read more
Business
5:48 am
Fri July 13, 2012

JPMorgan To Reveal Earnings, Trading Losses

Originally published on Thu August 30, 2012 2:26 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?

Read more
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.

Read more

Pages