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
5:32 pm
Thu December 18, 2014

Opportunity, Caution Seen For U.S. Banks As Cuba Rules Ease

President Obama announces changes to U.S. policy on Cuba, including relaxing restrictions on U.S. banking in the country, in Washington, D.C. on Wednesday.
Doug Mills / Pool EPA/Landov

Among the changes to U.S. restrictions on Cuba President Obama announced Wednesday was a relaxation of the rules barring U.S. banks from doing business there.

Americans traveling in Cuba will now be able to use their credit cards and ATM cards, but many U.S. banks see the new rules as something of a legal minefield.

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Economy
2:36 am
Tue December 16, 2014

'Reshoring' Trend Has Little Impact On U.S. Economy, Study Finds

An "Assembled in the USA" stamp is seen at the side of a box containing a 32-inch television set May 29 in the warehouse of Element Electronics, in Winnsboro, S.C. For the phenomenon of "reshoring," or bringing overseas jobs back to the United States, the electronics sector has been a leader.
Chris Keane Reuters/Landov

Originally published on Thu December 18, 2014 5:27 pm

A report on the phenomenon known as "reshoring" — the opposite of offshoring — shows that while a growing number of companies are returning to the United States to do their manufacturing, the trend is smaller and less significant to the economy than it appears.

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Your Money
2:30 am
Mon December 15, 2014

Lockheed Martin Case Puts 401(k) Plans On Trial

Aerospace giant Lockheed Martin is being sued for choosing retirement funds that shortchanged its employees and charged high fees.
Peter Macdiarmid Getty Images

Originally published on Mon December 15, 2014 6:16 am

A trial gets under way in St. Louis on Monday that could have a big impact on the way companies select 401(k) plans for their employees.

Lockheed Martin is being sued for choosing retirement funds that shortchanged its employees and charged high fees. The case tests the limits of a company's responsibilities to its employees at a time when 401(k) plans have become a central part of the nation's retirement system.

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Parallels
3:57 am
Fri October 31, 2014

Why Deflation Is Such A Big Worry For Europe

A farmer protesting falling prices dumps cauliflower in front of the prefecture building of Saint-Brieuc in northwestern France as police look on Sept. 24.
Fred Tanneau AFP/Getty Images

Originally published on Fri October 31, 2014 9:46 am

Growth is slowing all over the world right now, and that's especially true in Europe. Much of the continent is on the brink of another recession, and even the German economy is sputtering to a halt.

Some of the weakest countries, such as Spain and Italy, are actually experiencing deflation — a broad drop in incomes and asset values. It's a painful process that can be hard to reverse once it starts.

Europe's long, slow economic downturn has taken its toll on Javier Oroz Rodriguez, who owns a butcher shop in downtown Madrid.

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Economy
3:50 pm
Fri October 17, 2014

Drop In Unemployment Raises Debate On Optimal Rate

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

Originally published on Fri October 17, 2014 5:26 pm

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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Economy
3:51 pm
Wed October 15, 2014

Turmoil Continues In Financial Markets As Dow Plunges

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

Originally published on Wed October 15, 2014 6:54 pm

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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Economy
8:42 am
Mon October 13, 2014

French Economist Wins Nobel For Market Power And Regulation Research

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

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RACHEL MARTIN, HOST:

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Economy
3:19 pm
Wed September 3, 2014

Federal Regulators Impose Tough New Rules For Banks

Originally published on Wed September 3, 2014 6:04 pm

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

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AUDIE CORNISH, HOST:

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Business
3:36 pm
Tue August 26, 2014

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

Originally published on Tue August 26, 2014 7:07 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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Business
3:06 pm
Mon August 25, 2014

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

Originally published on Tue August 26, 2014 1:08 pm

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

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MELISSA BLOCK, HOST:

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Parallels
3:31 pm
Fri August 22, 2014

Argentina Crisis Puts Focus On Role Of Distressed-Debt Funds

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

Originally published on Fri August 22, 2014 7:09 pm

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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Law
3:10 pm
Thu August 21, 2014

Bank Of America Settles With Feds And States For Record Amount

Originally published on Thu August 21, 2014 5:24 pm

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

Business
12:07 pm
Thu August 21, 2014

Bank Of America Settles Mortgage Case For $16.65 Billion

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DAVID GREENE, HOST:

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Europe
3:09 pm
Thu August 14, 2014

Once-Thriving Heart Of The Eurozone Stagnates

Originally published on Thu August 14, 2014 5:35 pm

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

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MELISSA BLOCK, HOST:

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

ROBERT SIEGEL, HOST:

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Business
3:19 pm
Thu August 7, 2014

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

Originally published on Thu August 28, 2014 5:43 pm

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

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World
10:12 am
Sat August 2, 2014

Sanctions Target Russian Oil, But Will That Persuade Putin?

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

Originally published on Wed August 27, 2014 11:48 am

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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NPR Story
4:07 am
Thu July 31, 2014

Argentina Is In Default. What Does That Actually Mean?

Originally published on Thu July 31, 2014 7:12 am

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

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LINDA WERTHEIMER, HOST:

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Latin America
3:08 pm
Wed July 30, 2014

Late Rally From Argentina Fails To Delay Default

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

Originally published on Wed July 30, 2014 9:09 pm

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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Europe
3:13 pm
Mon July 28, 2014

International Court Rules Against Russia In $50 Billion Decision

Originally published on Mon July 28, 2014 6:40 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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Latin America
5:09 am
Mon July 28, 2014

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

Originally published on Mon July 28, 2014 12:52 pm

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

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RENEE MONTAGNE, HOST:

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

LINDA WERTHEIMER, HOST:

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Economy
5:13 am
Thu July 24, 2014

How High Debt From The Housing Collapse Still Stifles Our Economy

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

Originally published on Thu July 24, 2014 12:05 pm

"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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Law
3:15 pm
Mon July 14, 2014

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

Originally published on Mon July 14, 2014 5:24 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.

Business
11:34 am
Mon July 14, 2014

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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Latin America
3:13 pm
Tue July 8, 2014

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

Originally published on Tue July 8, 2014 8:20 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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Economy
10:14 am
Thu July 3, 2014

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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Business
4:21 am
Tue July 1, 2014

French Bank To Pay $8.83 Billion In Sanctions Probe

Originally published on Tue July 1, 2014 1:24 pm

Transcript

RENEE MONTAGNE, HOST:

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News
5:20 pm
Mon June 30, 2014

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

Originally published on Mon June 30, 2014 6:30 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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Business
3:57 pm
Fri June 20, 2014

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

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

Originally published on Fri June 20, 2014 6:08 pm

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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Politics
3:06 pm
Tue June 17, 2014

Lightning-Fast Trades Go Beneath The Congressional Microscope

Originally published on Tue June 17, 2014 7:33 pm

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

Energy
6:16 am
Fri May 23, 2014

Political Rhetoric Bogs Down Future Of Keystone XL Pipeline

Originally published on Fri May 23, 2014 6:52 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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