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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4:05pm

Fri October 17, 2014
Economy

Drop In Unemployment Raises Debate On Optimal Rate

Originally published on Fri October 17, 2014 6:26 pm

A notice in a store window in New York City announces a retail job opening. Now that unemployment has slipped below 6 percent, there's renewed interest in what the Federal Reserve's target for joblessness should be.
Spencer Platt Getty Images

The U.S. unemployment rate has been falling steadily over the years. Down from the recession peak of 10 percent in 2009, it reached 5.9 percent in September.

That's getting close to what economists call the natural unemployment rate — the normal level of joblessness you'd expect in a healthy economy.

But a lot of economists are asking whether the old rules about full employment still apply.

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5:11pm

Wed October 15, 2014
Economy

Turmoil Continues In Financial Markets As Dow Plunges

Originally published on Wed October 15, 2014 7:54 pm

A trader works on the floor of the New York Stock Exchange on Wednesday. Stocks took a beating, with key indexes falling more than 2 percent before bouncing back slightly.
Spencer Platt Getty Images

It was another stomach-churning day on Wall Street. At one point, the Dow industrials were down 460 points — a huge drop that followed four consecutive days of stock market losses.

The decline more than wiped out the year's gains. But then late in the trading day, tocks started to recover. And by the close, the Dow's loss was a little more than 1 percent.

Investors are worried about a global economic slowdown, the Federal Reserve's next move and even the Ebola virus.

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9:42am

Mon October 13, 2014
Economy

French Economist Wins Nobel For Market Power And Regulation Research

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

Transcript

RACHEL MARTIN, HOST:

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5:11am

Mon October 13, 2014
Business

Speculation Abounds Over Who Will Win Economics Nobel

Originally published on Mon October 13, 2014 9:42 am

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RACHEL MARTIN, HOST:

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4:19pm

Wed September 3, 2014
Economy

Federal Regulators Impose Tough New Rules For Banks

Originally published on Wed September 3, 2014 7:04 pm

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AUDIE CORNISH, HOST:

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4:27pm

Thu August 28, 2014
Business

JPMorgan's Been Hacked, But Answers — And Fraud — Are Hard To Find

Originally published on Thu August 28, 2014 7:28 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

Transcript

ROBERT SIEGEL, HOST:

This is ALL THINGS CONSIDERED from NPR News. I'm Robert Siegel.

MELISSA BLOCK, HOST:

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4:45pm

Tue August 26, 2014
Business

BK's Big Deal Could Bring The King To Canada, Controversy Close Behind

Originally published on Tue August 26, 2014 8:07 pm

Burger King is buying Tim Hortons, the Canadian coffee-and-donut chain, in a deal valued at $11 billion. The new company will be headquartered in Ontario, Canada, allowing Burger King to take advantage of Canada's lower corporate tax rate. The relocation is bound to cause controversy in the U.S.

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4:06pm

Mon August 25, 2014
Business

To Make A Move North, Burger King Eyes Buying A Canadian Icon

Originally published on Tue August 26, 2014 2:08 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

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MELISSA BLOCK, HOST:

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4:06pm

Fri August 22, 2014
Parallels

Argentina Crisis Puts Focus On Role Of Distressed-Debt Funds

Originally published on Fri August 22, 2014 8:09 pm

A woman in Buenos Aires walks with her dog past a mural that reads "Vultures" in Spanish. The mural is a reference to the dispute between the Argentine government and U.S. hedge funds.
Victor R. Caivano AP

The legal battle between Argentina and its creditors grinds on with no sign of a resolution anytime soon. The dispute pits the government against two New York hedge funds that specialize in buying distressed debt.

These hedge funds bought Argentina's bonds at fire-sale prices and now stand to make huge profits off the country's financial troubles. But they've encountered a lot of resistance from the government.

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4:10pm

Thu August 21, 2014
Law

Bank Of America Settles With Feds And States For Record Amount

Originally published on Thu August 21, 2014 6:24 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

1:07pm

Thu August 21, 2014
Business

Bank Of America Settles Mortgage Case For $16.65 Billion

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4:09pm

Thu August 14, 2014
Europe

Once-Thriving Heart Of The Eurozone Stagnates

Originally published on Thu August 14, 2014 6:35 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

Transcript

MELISSA BLOCK, HOST:

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

ROBERT SIEGEL, HOST:

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4:19pm

Thu August 7, 2014
Business

White House Seeks Ways To Go It Alone In Keeping Companies Stateside

Originally published on Thu August 28, 2014 6:43 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

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11:23am

Sat August 2, 2014
World

Sanctions Target Russian Oil, But Will That Persuade Putin?

Originally published on Wed August 27, 2014 12:48 pm

An oil refining factory owned by the Russian company Rosneft, outside the town of Achinsk, Russia, in 2013. The company says that hundreds of sites are being explored throughout the country as potential sources of oil and gas — but to tap those sites, Russia depends on Western companies.
Ilya Naymushin Reuters/Landov

Both the United States and Europe announced new economic sanctions this week against Russia for its role in the conflict in Ukraine. Among other things, Western companies will no longer be able to sell Russia new technologies to develop its oil fields.

The move comes at a time when oil exports have become more important than ever for the Russian economy.

President Obama says the sanctions are meant to send a strong message:

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5:29am

Thu July 31, 2014
Latin America

Argentina Is In Default. What Does That Actually Mean?

Originally published on Thu July 31, 2014 8:12 am

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

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LINDA WERTHEIMER, HOST:

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4:08pm

Wed July 30, 2014
Latin America

Late Rally From Argentina Fails To Delay Default

Originally published on Wed July 30, 2014 10:09 pm

Argentina Economy Minister Axel Kicillof speaks during a news conference at the Argentina Consulate on Wednesday in New York. By the end of the day, a deal had not been reached with the country's creditors.
Stan Honda AFP/Getty Images

Talks aimed at resolving Argentina's debt crisis have broken down in New York. A court-appointed mediator has declared that the country will go into default. It is the second time the country has defaulted in about 12 years.

With a midnight deadline looming, the government and its creditors walked away without a deal late Wednesday.

Argentina has been waging a protracted legal battle with a small number of bondholders. They want to be paid in full for bonds they purchased years ago.

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5:05pm

Mon July 28, 2014
Europe

International Court Rules Against Russia In $50 Billion Decision

Originally published on Mon July 28, 2014 7:40 pm

Russia says it will appeal an unfavorable decision by a court in The Hague. The Permanent Court of Arbitration awarded $50 billion to shareholders of the defunct Yukos oil company. Russia seized the company in 2003 and put owner Mikhail Khodorkovsky in jail on tax and fraud charges.

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5:55am

Mon July 28, 2014
Latin America

Locked In U.S. Hedge Fund Battle, Argentina Faces Default

Originally published on Mon July 28, 2014 1:52 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

Transcript

RENEE MONTAGNE, HOST:

This is MORNING EDITION from NPR News. I'm Renee Montagne.

LINDA WERTHEIMER, HOST:

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6:13am

Thu July 24, 2014
Economy

How High Debt From The Housing Collapse Still Stifles Our Economy

Originally published on Thu July 24, 2014 1:05 pm

An artist's installation shows pre-foreclosed homes in Newark, N.J., in July 2009 at the Queens Museum of Art in New York City.
Mario Tama Getty Images

"Foreclosure, foreclosure, foreclosure."

Real estate broker John Susani drives down a Paterson, N.J., street where every third house seems to be abandoned or boarded up. During the boom years, money flooded into Paterson.

"The banking industry allowed everyone to be a homeowner; they gave mortgages to people [just because they were] breathing," Susani says.

In some cases, he says, home prices jumped as much as 50 percent. The homes on these streets aren't worth nearly that much anymore.

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4:15pm

Mon July 14, 2014
Law

Citigroup Agrees To $7 Billion Fine For 'Egregious' Misconduct

Originally published on Mon July 14, 2014 6:24 pm

Citigroup has agreed to pay $7 billion to settle claims that it committed fraud when it sold mortgage-backed securities in the years leading up to the financial crisis. Most of the money will be paid to the U.S. Treasury, but some will be used to provide mortgage relief to struggling homeowners.

12:34pm

Mon July 14, 2014
Business

Citigroup Settles Subprime Mortgage Case For $7 Billion

Transcript

STEVE INSKEEP, HOST:

Citigroup has agreed to settle allegations that it defrauded investors in the years leading up to the financial crisis. The settlement requires Citigroup to pay $7 billion. Two and a half billion will go toward mortgage relief for homeowners. Now, this settlement involves mortgage-backed securities the bank packaged and sold to investors, and it was announced this morning by U.S. Attorney General Eric Holder. We're going to talk this through with NPR's Jim Zarroli who's on the line. Jim, good morning.

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4:13pm

Tue July 8, 2014
Latin America

With Default 23 Days Away, A Little Clause Could Cost Argentina Big

Originally published on Tue July 8, 2014 9:20 pm

Transcript

ROBERT SIEGEL, HOST:

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

MELISSA BLOCK, HOST:

And I'm Melissa Block. The clock is ticking for Argentina. Yes, in the World Cup, but here, we're talking about its effort to prevent another debt crisis. Argentina has until the end of this month to pay its bondholders or it risks going into default. As NPR's Jim Zarroli reports, the dispute hinges on one particular clause in the country's debt contracts that could cost the country billions of dollars.

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11:14am

Thu July 3, 2014
Economy

Report Shows 288,000 New Jobs In June

Transcript

RENEE MONTAGNE, HOST:

This is MORNING EDITION from NPR News. I'm Renee Montagne.

DAVID GREENE, HOST:

And I'm David Greene. Good morning. We begin this hour with more positive signs about the nation's economy. The Labor Department this morning said the U.S. unemployment rate fell to its lowest level in nearly six years last month, and employers added some 288,000 jobs to their payrolls. Here's NPR's Jim Zarroli.

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6:20pm

Mon June 30, 2014
News

BNP Paribas Agrees To Nearly $9 Billion Fine And Admission Of Guilt

Originally published on Mon June 30, 2014 7:30 pm

Transcript

MELISSA BLOCK, HOST:

Banking giant BNP Paribas has agreed to pay American regulators nearly $9 billion dollars to settle charges of economic sanctions violations. It's the largest such fine ever imposed by the U.S. The bank will plead guilty to two criminal charges. It was accused of helping clients in Sudan, Cuba and Iran conduct business in the United States. NPR's Jim Zarroli reports.

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5:45pm

Fri June 20, 2014
Business

U.S.-Foreign Mergers Raise Calls For Tax Reforms

Originally published on Fri June 20, 2014 7:08 pm

Medtronic Chairman Omar Ishrak said the $43 billion merger with Covidien isn't just about cutting taxes — it makes business sense.
Brendan McDermid Reuters/Landov

This week the big medical device company Medtronic said it was moving its legal headquarters from Minneapolis to Ireland. It's part of a $43 billion merger with another medical company, Dublin-based Covidien.

The move is a tax-saving strategy called an inversion and it's growing more common in the corporate world.

U.S. companies make huge amounts of money overseas every year and much of it stays there, stashed away in foreign accounts.

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4:06pm

Tue June 17, 2014
Politics

Lightning-Fast Trades Go Beneath The Congressional Microscope

Originally published on Tue June 17, 2014 8:33 pm

The Senate Permanent Subcommittee on Investigations is holding a hearing on problems in the financial markets caused by high-frequency trading firms.

7:44pm

Thu June 12, 2014
Politics

Once A GOP Pillar, Chamber Of Commerce Is Now A Lightning Rod

The Chamber of Commerce says it tried to help Eric Cantor in his primary campaign, but Cantor refused the offer.

7:07am

Fri May 23, 2014
Energy

Political Rhetoric Bogs Down Future Of Keystone XL Pipeline

Originally published on Fri May 23, 2014 7:52 am

Transcript

RENEE MONTAGNE, HOST:

It's MORNING EDITION from NPR News. I'm Renee Montagne.

STEVE INSKEEP, HOST:

And I'm Steve Inskeep. Good morning. Last month the Obama administration put off a decision on whether to approve the Keystone XL pipeline. The project has been enormously controversial. It would carry crude oil from Canada to the Gulf of Mexico. This morning we examine what's at stake for the oil industry and for energy production. Here's NPR's Jim Zarroli.

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4:16pm

Mon May 19, 2014
Business

AT&T And DirecTV Mega-Merger Spells Changes For Media Landscape

Originally published on Mon May 19, 2014 8:54 pm

Transcript

AUDIE CORNISH, HOST:

Federal regulators are facing a decision on whether to allow another big media merger. This time, it's AT&T and DirecTV. Yesterday, the board of AT&T voted to acquire the satellite television company in a deal worth almost $50 billion. NPR's Jim Zarroli reports that the hope is to be a stronger competitor against the likes of Verizon and Comcast.

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5:36am

Fri May 9, 2014
Business

Crowdfunding Can Help Build Business, But At What Cost?

Originally published on Mon May 12, 2014 3:26 pm

The website RocketHub connects startups with a funding network. Here, the site's founders (from left): Alon Hillel-Tuch, Vladimir Vukicevic, Brian Meece and Jed Cohen.
RocketHub

Entrepreneur Andy Krafsur raised money for Spira Footwear by reaching out to friends and family. But that was a dozen years ago. After the economy tanked, the common tactic became a lot more difficult.

"The pool of people that you can go to has shrunken significantly," Krafsur says, "and everybody goes to those same people."

Then Krafsur found a crowdfunding website that helped his cash flow enormously. The Securities and Exchange Commission is about to approve rules allowing small businesses to reach out to investors through these kinds of crowdfunding networks.

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