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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2:42am

Wed November 6, 2013
Business

Sprecher Slams High-Speed Electronic Exchanges

Originally published on Wed November 6, 2013 3:26 am

The CEO of the firm that's about to take over the New York Stock Exchange has criticized alternative market trading. Jeffrey Sprecher said equity markets, including the NYSE, allow sophisticated traders to take advantage of small investors. He added such models are destined to fail and that people outside the markets have a sense things aren't fair.

10:07am

Mon November 4, 2013
Business

SAC Capital Agrees To Plead Guilty To Insider Trading

Originally published on Mon November 4, 2013 3:28 pm

Transcript

DAVID GREENE, HOST:

NPR's business news starts with a guilty plea.

(SOUNDBITE OF MUSIC)

GREENE: SAC Capital Advisors is expected to plead guilty to securities fraud today. The hedge fund company has agreed to pay $1.8 billion to settle charges of insider trader. It's said to be the biggest fine ever in a case like this. The settlement will be announced at a news conference later today in New York City. And that's where we've reached NPR's Jim Zarroli. And Jim, explain for us, if you can, what SAC has actually agreed to here.

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2:37am

Tue October 8, 2013
Law

Jury Selection To Begin For Trial Of Madoff Employees

Originally published on Tue October 8, 2013 6:26 am

Transcript

RENEE MONTAGNE, HOST:

Nearly five years after Bernie Madoff was arrested for fraud, some of his former employees are about to go on trial in New York. The trial is expected to focus on how much the employees knew about Madoff's multibillion dollar Ponzi scheme. Jury selections gets under way today.

STEVE INSKEEP, HOST:

NPR's Jim Zarroli reports.

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4:08am

Tue September 17, 2013
The Two-Way

JPMorgan To Get Whale Of A Fine For Trading Losses

Originally published on Tue September 17, 2013 7:38 am

JPMorgan Chase will reportedly pay a $700 million fine to settle allegations that it made risky trades out of its London office that led to more than $6 billion in losses.
Mark Lennihan AP

Authorities are set to slap banking giant JPMorgan Chase with a massive fine over the bank's huge trading losses in London last year, confirms NPR's Jim Zarroli.

Though details of the deal are still pending, several reports put the amount at more than $700 million. It comes on the heels of the bank's having recently paid $410 million to settle charges that it manipulated energy markets.

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1:46am

Thu September 12, 2013
Business

5 Years After Financial Crisis, Are Big Banks Still A Threat?

Originally published on Thu September 12, 2013 9:30 am

The headquarters of Lehman Brothers in Times Square in 2008, the year the financial services firm filed for bankruptcy.
Hiroko Masuike Getty Images

It's been five years since Lehman Brothers collapsed and touched off a banking crisis that is still being felt by the global economy. Today, the banking industry is a lot stronger than it was, but some critics say efforts to reform banking regulations have fallen short of their potential.

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3:22am

Wed August 21, 2013
Business

U.S. Retailers Vow To Upgrade Bangladesh's Safety Standards

Originally published on Wed August 21, 2013 10:03 am

Transcript

RENEE MONTAGNE, HOST:

Some of America's biggest retailers announced new steps yesterday aimed at improving safety standards in Bangladesh's troubled garment industry. Wal-Mart and the Gap were among the companies that formed a group called the Alliance for Bangladesh Worker Safety after the deadliest accident ever in the garment industry.

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3:27pm

Wed August 14, 2013
Law

Former JPMorgan Chase Traders Charged Over 'White Whale' Bets

Originally published on Fri August 16, 2013 6:40 am

Transcript

AUDIE CORNISH, HOST:

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

ROBERT SIEGEL, HOST:

And I'm Robert Siegel.

Federal prosecutors have charged two former JPMorgan Chase traders with securities fraud. The two men worked in London. And they are part of the so-called London Whale case, which cost the company more than $6 billion. U.S. officials say the men lied about the value of some derivatives trades to cover up mounting lawsuits. More from NPR's Jim Zarroli.

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1:08am

Mon August 12, 2013
Parallels

Too Much, Too Fast: China Sees Backlash From Massive Growth

Originally published on Mon August 12, 2013 9:25 am

At a time when much of the world is mired in economic torpor, China still enjoys enviable growth rates. Yet there's no question that its economy is growing more slowly these days.

Just ask Yan Liwei, a salesman for a construction materials company, who was visiting a park in Shanghai this weekend.

"The number of new construction projects is declining somewhat. It's taking longer for many of our clients to pay us what they owe," Liwei says. "Many small and midsized developers are feeling a cash crunch."

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2:31am

Wed July 17, 2013
Business

Rising Interest Rates Worry Banking Industry

Originally published on Wed July 17, 2013 3:08 am

Five years after the start of the financial crisis, the U.S. banking industry continues to earn strong profits. On Tuesday, Goldman Sachs became the latest big bank to report better than expected earnings. But rising interest rates mean a riskier environment for banks.

12:28am

Mon July 1, 2013
Economy

Alabama County Files Plan To Exit Bankruptcy

Originally published on Mon July 1, 2013 8:57 am

Alabama's bankrupt Jefferson County has filed a 101-page plan that would force creditors to lose up to 70 cents on the dollar.

In 2011, the county underwent what's been called the largest government bankruptcy in U.S. history. It's in debt by about $4.2 billion.

Because of combination of corruption and poor management, the municipality was unable to repay money it borrowed to upgrade its sewage system.

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3:48pm

Wed June 19, 2013
Economy

G-8 Nations Pledge To Crack Down On Corporate Tax Evaders

Originally published on Wed June 19, 2013 8:18 pm

Leaders take part in the G-8 summit in Northern Ireland on Tuesday. Their discussions included tax-avoidance issues.
Ben Stansall WPA Pool/Getty Images

The world's wealthiest nations are promising to fight what they call the scourge of tax evasion. This week's meeting of the Group of Eight industrialized countries concluded with a pledge to end the use of tax shelters by multinational corporations.

But there are still big questions about how they will make a dent in the problem.

In the aftermath of the global recession, countries all over the world have struggled with budget shortfalls. More and more of them have come to blame part of their revenue problems on one culprit — tax avoidance.

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4:07pm

Wed June 12, 2013
All Tech Considered

Net Giants Try To Quell Users' Jitters About Their Data

Originally published on Wed June 12, 2013 5:00 pm

Google, like Facebook, Microsoft and other Internet companies, is concerned that data requests from U.S. surveillance agencies could ultimately damage its reputation in the U.S. and overseas.
Justin Sullivan Getty Images

Companies like Google and Facebook are very much caught in the middle of the current debate about national security and privacy. Press reports have said the companies are required to turn over huge amounts of customer data to government agencies like the National Security Agency, but the companies are often barred from saying anything publicly about the requests they receive.

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9:09am

Tue June 11, 2013
Business

Data Leak Could Undermine Trust In Government Contractor

Originally published on Tue June 11, 2013 9:56 am

Federal contractor Booz Allen Hamilton, headquartered in McLean, Va., employed Edward Snowden, the computer technician at the center of the controversy over leaks involving the National Security Agency.
Michael Reynolds EPA/Landov

In recent decades, a quiet revolution has been transforming the way Washington works.

Because the U.S. government does not have the workforce to complete all of its tasks, it employs private companies like Booz Allen Hamilton to do the work for it. Booz Allen is the company where Edward Snowden, who said he leaked secrets about the National Security Agency, most recently worked.

Over the past 25 years, this contract workforce has grown and plays a major role in the U.S. government, says Paul Light, a professor of public service at New York University.

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3:54am

Mon June 3, 2013
Business

Trial To Start In Apple Price-Fixing Dispute

Originally published on Mon June 3, 2013 8:23 am

Transcript

RENEE MONTAGNE, HOST:

And Apple faces off with the Justice Department beginning today in a federal court over a price-fixing dispute. Last year, the government accused Apple of conspiring with five major publishing companies to raise prices on electronic books.

NPR's Jim Zarroli reports.

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3:03pm

Tue May 28, 2013
Business

Cruise Industry Adopts Passenger 'Rights' As Incidents Mount

Originally published on Wed May 29, 2013 6:43 am

Damage on the Royal Caribbean ship Grandeur of the Seas is visible as the ship docks in Freeport, the Bahamas, on Monday.
Reuters/Landov

About 2,200 passengers were being flown back to Baltimore on Tuesday, a day after their cruise ship caught fire on its way to the Bahamas. There were no injuries aboard Royal Caribbean's Grandeur of the Seas.

But in the wake of the incident and others like it, the cruise ship companies have something of a black eye. The industry is now trying to reassure passengers it's OK for them to sail, adopting what it called a passenger "bill of rights."

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3:39am

Sun May 26, 2013
Around the Nation

Rebuilding Storm-Damaged New Jersey, One Boardwalk At A Time

Originally published on Sun May 26, 2013 12:00 pm

People walk on the boardwalk in Seaside Heights, N.J., on Friday. The Jersey Shore beaches officially opened for the summer, after rebuilding following the destruction left behind by Superstorm Sandy last fall. The storm caused $37 billion of damage in the state.
Julio Cortez AP

When Hurricane Sandy swept through New Jersey last year, it destroyed many homes and businesses. It also obliterated the boardwalks that are the center of social and economic life in the towns.

In the months since, many of these towns have rushed to rebuild their boardwalks, but not everyone thinks the money has been well spent.

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3:50pm

Thu May 9, 2013
Business

Bangladesh's Powerful Garment Sector Fends Off Regulation

Originally published on Tue May 14, 2013 3:41 pm

Garment workers sew T-shirts at a factory in Dhaka, Bangladesh, in 2009. Bangladesh, the world's second-largest clothing exporter, has lured clothing makers through a combination of low wages and light regulation.
AFP AFP/Getty Images

Eight people died Wednesday in a fire at a Bangladeshi sweater factory. This follows the much deadlier collapse of the Rana Plaza building, where more than 900 people died.

The deaths are taking place in a garment sector that has seen explosive growth over the past three decades. The country has managed to lure clothing-makers through a combination of low wages and light regulation.

As a manufacturing center, Bangladesh has little to recommend it. The roads are poor. There's no port to speak of. The electricity is notoriously unreliable. It's politically unstable.

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2:59pm

Thu April 25, 2013
Around the Nation

Making Room: Can Smaller Apartments Help New York City Grow?

Originally published on Thu April 25, 2013 6:16 pm

Some housing experts say New York's zoning code has discouraged the building of affordable housing by requiring that all apartments be at least 400 square feet. The city is interested in finding ways to rewrite the rules.
iStockphoto.com

New York City is notoriously crowded, and it's only getting more so. The city estimates it will have 1 million more people by the year 2030, many of them single. Where to place all these newcomers is a major challenge.

Mayor Mike Bloomberg has announced plans to put up an experimental building of micro-apartments that could be replicated throughout the city. And the Museum of the City of New York is looking at ways to make better use of the city's housing stock.

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4:50pm

Sat April 20, 2013
NPR Story

Boston Sighs With Relief As Investigation Proceeds

NPR's Jim Zarroli reviews the week's dramatic in events in Boston, where a 22-hour manhunt kept the city in lockdown and residents on edge. A suspect in Monday's bombing at the Boston Marathon was taken into custody Friday night.

3:30pm

Sat April 20, 2013
Explosions At Boston Marathon

MIT Officer Died Protecting His Community, In Job He Loved

MIT campus police officer Sean Collier, 26, was shot and killed during an altercation with the two Boston Marathon bombing suspects Thursday night.
MIT Getty Images

The grisly week that began at the Boston Marathon Monday left one police officer dead.

As police closed in on the bombing suspects Thursday night, law enforcement officials say two officers were shot. One, transit police officer Richard Donohue, is in critical condition at Mount Auburn Hospital.

The other, Sean Collier of the MIT campus police, was pronounced dead Thursday night.

MIT says Collier had gone to respond to a report of an altercation on campus Thursday evening. Soon, word came over the police radio that he had been shot.

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