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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Economy
4:29 pm
Tue April 15, 2014

Sending Money On An Overseas Round Trip To Avoid Taxes

Round-tripping occurs when American citizens open bank accounts in tax havens such as the Cayman Islands, funnel money into the accounts and then use it to buy stocks and bonds back in the U.S.
David McFadden AP

Originally published on Tue April 15, 2014 5:03 pm

Some investors avoid paying taxes in a move called round-tripping — sending money offshore, then investing it in U.S. stocks or bonds. A study estimates it costs the U.S. billions in lost revenues.

Recently, MIT professor Michelle Hanlon and two colleagues set out to find out all they could about round-tripping.

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News
3:08 pm
Wed April 9, 2014

With Proposed Mega-Merger On The Hill, Spotlight's On Consumers

Originally published on Wed April 9, 2014 5:48 pm

Comcast and Time Warner executives ran into stiff opposition as they pitched their proposed merger to the Senate Judiciary Committee. The deal would give the combined company a large share of both pay TV and broadband internet service markets. In both cases, lawmakers wanted to know how consumers would be affected.

Law
3:14 pm
Tue April 8, 2014

New Rules Force Big Banks To Keep A Bigger Cushion

Originally published on Wed April 9, 2014 4:24 am

Transcript

MELISSA BLOCK, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

AUDIE CORNISH, HOST:

And I'm Audie Cornish.

Five and a half years after the financial crisis that devastated the global economy, U.S. officials are taking steps to strengthen the nation's banking system. Today, the Federal Reserve and the Federal Deposit Insurance Corporation approved tough new rules that require banks to hold a lot more capital on their books. Regulators say the requirements will reduce the risk of bank failures during bad economic times.

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Business
4:53 pm
Wed April 2, 2014

Traders Defend High-Speed Systems Against Charges Of Rigging

"The stock market is rigged," says Michael Lewis, and high-frequency traders are to blame. But defenders of high-speed trading say it plays a legitimate role.
Paul Giamou iStockphoto

Originally published on Wed April 2, 2014 8:54 pm

The FBI and the Securities and Exchange Commission revealed this week that they're both investigating the world of high-frequency stock trading. They did so at a time when a new book on the subject, Flash Boys by Michael Lewis, is causing an uproar on Wall Street.

To read Lewis' book is to be reminded of how drastically the stock market has changed in a decade — and how opaque it remains. Lewis says this opacity serves to cover up some disturbing developments.

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News
3:01 pm
Tue April 1, 2014

American-Made, Haven-Kept? Congress Looks At Caterpillar's Tax Returns

Originally published on Tue April 1, 2014 6:58 pm

Caterpillar executives are on Capitol Hill answering questions about the company's tax returns. Caterpillar is accused of shifting money abroad to avoid billions in taxes. Company officials say Caterpillar has followed the law.

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

Transcript

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Business
4:10 pm
Fri March 28, 2014

Russia's Energy Market Heft Leaves Neighbors Unsettled

Originally published on Fri March 28, 2014 5:34 pm

Transcript

AUDIE CORNISH, HOST:

The crisis in Ukraine is raising new questions about Russia's role in the energy markets. Moscow has long used exports of oil and natural gas to win political concessions from countries on its borders. Europe gets a quarter of its natural gas from Russia.

As NPR's Jim Zarroli reports, that's making a lot of people there nervous.

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News
3:33 pm
Mon March 24, 2014

Madoff Aides Found Guilty For Role In Massive Ponzi Scheme

Originally published on Mon March 24, 2014 5:46 pm

Five of Bernie Madoff's former employees were found guilty of helping him fleece investors of $17 billion. They were convicted on charges of securities fraud, conspiracy and tax evasion.

News
3:21 pm
Wed March 12, 2014

FTC Investigates Herbalife, Following Claims It's A Pyramid Scheme

Originally published on Wed March 12, 2014 7:14 pm

Herbalife shares dropped on news the Federal Trade Commission is investigating the company. After shorting Herbalife's stock, hedge fund manager Bill Ackman's been lobbying politicians to investigate.

Business
3:35 pm
Wed February 26, 2014

Swiss Bank Finds Itself Under American Scrutiny

Originally published on Thu February 27, 2014 11:08 am

Transcript

MELISSA BLOCK, HOST:

Top executives at one of Switzerland's biggest banks said today they're sincerely trying to prevent tax evasion by U.S. citizens. They also said conflicting laws in the two countries make it almost impossible to do that. The chief executive of Credit Suisse appeared before the Senate Permanent Subcommittee on Investigations, which has been looking into the use of secret Swiss bank accounts by Americans.

Here's NPR's Jim Zarroli.

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Business
3:09 pm
Mon February 24, 2014

Netflix Pays Comcast To Ensure Its Videos Stream Smoothly

Originally published on Mon February 24, 2014 7:02 pm

Transcript

ROBERT SIEGEL, HOST:

Netflix is hoping that a deal it has struck with Comcast will mollify some of its unhappy customers. The company announced yesterday that it will pay to connect Comcast's broadband network more directly. That means Netflix customers should get faster, smoother access to programs like "House of Cards." The deal could serve as a model to help the company resolve disputes with other big Internet service providers.

NPR's Jim Zarroli reports.

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All Tech Considered
5:46 pm
Thu February 20, 2014

Video Streaming Is Straining, But Who Will Ease The Tension?

Internet service providers are having trouble keeping pace with growing demand for video streaming services. But there's disagreement over how to fix the problem.
iStockphoto

Originally published on Fri February 21, 2014 1:16 pm

Suzie Felber's kids are only just learning what a commercial is.

"They start screaming when they come on," she says. "They think the TV's broken."

The Felbers usually stream television shows over the Internet in their New Jersey home.

More and more people are following suit, using services such as Netflix and Amazon Prime. But these programs take up a huge amount of digital bandwidth, and that's led to a dispute between these services and the Internet service providers that carry them.

Slower Service

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Law
4:14 pm
Tue February 4, 2014

Senate Steps Into The Data Breach Controversy

Originally published on Tue February 4, 2014 7:00 pm

Transcript

AUDIE CORNISH, HOST:

A top executive at the retail chain Target went to Capitol Hill today to try to explain the massive security breach that hit the company in December. Hackers stole personal information of tens of millions of Target customers during the holiday shopping season. The incident has underscored the increasing sophistication of cyber criminals and the vulnerability of big retailers. NPR's Jim Zarroli has more on the hearing.

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Economy
3:12 pm
Mon February 3, 2014

The Dow Drops Again, But What's Driving The Sell-Off?

Originally published on Mon February 3, 2014 6:33 pm

Transcript

MELISSA BLOCK, HOST:

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

AUDIE CORNISH, HOST:

And I'm Audie Cornish.

The stock market had one of its worst days in months today after some disappointing news about manufacturing. The Dow Jones Industrial Average fell more than 300 points, about two percent. The other major indexes were down even more.

NPR's Jim Zarroli tells us investors are reacting to new concern about the health of the global economy.

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Economy
4:54 pm
Tue January 28, 2014

Days Of Turmoil Test Stability Of Emerging Markets

Originally published on Tue January 28, 2014 5:55 pm

Transcript

ROBERT SIEGEL, HOST:

After losing a lot of ground, stock prices were back up a bit today. Investor anxiety about the state of the world's currency markets seemed to ease. The current turmoil is reminiscent of the 1997 currency crisis in Asia, which hurt economies all over the world.

As NPR's Jim Zarroli reports, there are also some big differences.

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Economy
6:09 pm
Thu January 23, 2014

Study: Upward Mobility No Tougher In U.S. Than Two Decades Ago

The study did reveal widespread disparity in upward mobility based on geography. For those hoping to climb the economic ladder, San Francisco is one of the best places to live, the study found.
Justin Sullivan Getty Images

Originally published on Fri January 24, 2014 4:32 pm

A new study finds that contrary to widespread belief, it's no harder to climb the economic ladder in the United States today than it was 20 years ago.

But the study did find that moving up that ladder is still a lot more difficult in the U.S. than in other developed countries.

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Health Care
4:12 pm
Tue January 14, 2014

The Young And Restless May Cause Drama For ACA

Originally published on Tue January 14, 2014 5:33 pm

Transcript

MELISSA BLOCK, HOST:

After a slow start, the Affordable Care Act is now attracting customers at a healthier pace. The government said yesterday that 2.2 million people have signed up for health insurance under the state and federal exchanges. But there's a serious red flag. A disproportionate number of new enrollees are middle aged or older.

Here's NPR's Jim Zarroli on what that means for the program and for insurers.

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Business
1:19 pm
Tue January 7, 2014

JPMorgan Chase Settles Madoff Case For $1.7 Billion

Originally published on Wed January 8, 2014 5:56 am

JPMorgan Chase & Co. has agreed to pay $1.7 billion to settle criminal charges accusing the bank of ignoring obvious warning signs of Bernard Madoff's massive Ponzi scheme.

Business
1:30 am
Mon December 23, 2013

After Target's Data Breach, Customer Incentive Disappoints

Justin Sullivan Getty Images

Originally published on Mon December 23, 2013 8:06 am

Target is trying to get back in its customers' good graces after a massive data breach affecting some 40 million credit and debit account holders. The giant retail chain offered its customers a 10 percent discount over the weekend as an act of atonement, but business was said to be down anyway.

The breach affected customers who used their credit and debit cards at one of Target's 1,750 stores during a three-week period after Thanksgiving.

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Europe
5:56 pm
Sun December 15, 2013

Ireland Exits Bailout Program, But Economy Still On The Mend

On Sunday, Ireland became the first country to formally exit the bailout program funded by the International Monetary Fund and the European Union.
Peter Muhly AFP/Getty Images

Originally published on Mon December 16, 2013 7:24 am

Ireland was one of the countries hardest hit by Europe's debt crisis. On Sunday, it passed a big milestone when the nation became the first country to formally exit the bailout program funded by the International Monetary Fund and the European Union.

After three years of the bailout program, it isn't hard to find signs of improvement in Ireland and of an economy coming back from the dead.

"Don't get me wrong, it's been bad in a lot of ways, but there's a silver lining in every cloud," says Conor Mulhall, a 41-year-old father of three.

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Business
6:29 am
Tue December 10, 2013

High Stakes For Banks As Volcker Rule Is Finalized

Originally published on Tue December 10, 2013 11:11 am

Transcript

RENEE MONTAGNE, HOST:

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

STEVE INSKEEP, HOST:

And I'm Steve Inskeep. Federal regulators have unveiled the final version of what has come to be called the Volcker Rule. It's a big part of the financial reform that went into affect three years ago. It's taken all those years to come up with the language that will set new limits on the kinds of trading that banks can do and cannot do. NPR's Jim Zarolli joins us now to talk about this. Hi Jim.

JIM ZAROLLI, BYLINE: Hi.

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Around the Nation
4:34 pm
Sun December 1, 2013

The Latest From The New York Train Derailment

Originally published on Sun December 1, 2013 6:55 pm

Transcript

ARUN RATH, HOST:

It's ALL THINGS CONSIDERED from NPR West. I'm Arun Rath.

A commuter train derailed as it was heading into Manhattan this morning, killing four people and injuring more than 60. Witnesses say the train appeared to be going too fast as it rounded a curve just north of a train station in the Bronx. The National Transportation Safety Board is trying to piece together what happened.

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Health Care
6:31 am
Sat November 30, 2013

A New Worry Looms Online For The Affordable Care Act

Insurance companies say they are finding numerous mistakes on a digital form that's essential for signing up through HealthCare.gov.
AP

Originally published on Sat November 30, 2013 2:13 pm

Saturday is the day the Obama administration promised it would have HealthCare.gov working smoothly for the majority of people who need to sign up for health insurance.

As the Obama administration scrambles to fix the glitch-plagued site, experts are beginning to worry about another problem that may further impair the rollout of the Affordable Care Act.

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Business
4:25 am
Wed November 27, 2013

Men's Wearhouse Goes 'Pac-Man' On Joseph A. Bank

The retail company Men's Wearhouse has announced it is launching a takeover battle for rival Joseph A. Bank. What makes the effort unusual is that just last month Joseph A. Bank was trying to take over Men's Wearhouse. The turnaround is an example of what Wall Street calls a Pac-Man defense.

Business
4:01 pm
Fri November 22, 2013

JPMorgan Says It Broke No Law. So Why Pay The $13 Billion?

The U.S. government says JPMorgan Chase & Co. knowingly sold faulty mortgage-backed securities in the years leading up to the financial crisis. The bank says it's broken no laws.
Emmanuel Dunand AFP/Getty Images

Originally published on Sat November 23, 2013 12:20 am

State and federal regulators have hailed Tuesday's $13 billion settlement with JPMorgan Chase & Co. over faulty mortgage assets it sold in the years leading up to the financial crisis as a big victory for the judicial system.

But like other big settlements to emerge from the financial crisis, the deal leaves unclear just what the bank did wrong.

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Business
3:50 am
Fri November 15, 2013

Health Care Cancellation Cure Could Lead To Higher Premiums

Originally published on Fri November 15, 2013 9:49 am

The health care fix announced by President Obama on Thursday may be good news for some consumers, but it creates a big headache for insurance companies and regulators. An insurance industry trade group warns the last-minute change could destabilize the market and lead to higher premiums.

Business
3:42 am
Wed November 6, 2013

Sprecher Slams High-Speed Electronic Exchanges

Originally published on Wed November 6, 2013 4:26 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.

Business
11:07 am
Mon November 4, 2013

SAC Capital Agrees To Plead Guilty To Insider Trading

Originally published on Mon November 4, 2013 4:28 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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Law
3:37 am
Tue October 8, 2013

Jury Selection To Begin For Trial Of Madoff Employees

Originally published on Tue October 8, 2013 7:26 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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The Two-Way
7:12 am
Tue September 17, 2013

JPMorgan To Get Whale Of A Fine For Trading Losses

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

Originally published on Tue September 17, 2013 8:38 am

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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Business
2:46 am
Thu September 12, 2013

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

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

Originally published on Thu September 12, 2013 10:30 am

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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