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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.

As Bernie Sanders sees it, Wall Street got a big boost when U.S. taxpayers bailed out some of the largest financial institutions in 2008. Now it's time for Wall Street to return the favor.

Sanders has proposed something he calls a speculation tax, a small levy on every stock, bond or derivative sold in the United States.

The revenue would go toward free tuition at public colleges and universities and would also be used to pare down student debt and pay for work-study programs, as well as other programs, Sanders says.

Japan is venturing further into the terra incognito of negative interest rates, selling a 10-year government bond that actually costs its purchasers money over time.

In doing so, it joins a handful of European countries that have also lowered rates below zero.

The yield on the 10-year note sold by the Bank of Japan dipped to an unprecedented level of negative .05 percent, meaning that anyone who buys it will lose money.

For the first few minutes of his appearance on Capitol Hill Thursday morning, pharma bad boy Martin Shkreli was the soul of decorum.

He sat placidly, hands clasped, a polite smile fixed upon his face, as members of the House Oversight and Government Reform Committee fired questions at him.

And to every question he gave the same answer:

Tickets to the most popular concerts and other live events are often hard to find because of abusive practices by vendors who illegally use computer programs called bots to grab them up, according to a report released by New York Attorney General Eric Schneiderman.

In some cases, tickets to live events sell out within minutes, only to appear right away at enormous markups on sites such as StubHub, according to the report, which calls for major reform to the ticketing process.

The Federal Reserve has decided to keep its benchmark interest rate where it is, even as Fed officials expressed somewhat more caution about global economic conditions.

In a statement issued after the end of policymakers' two-day meeting, the Federal Open Market Committee said the federal funds rate would stay at 25-50 basis points, where it was set at the Fed's December meeting.

Iranian President Hassan Rouhani is on a goodwill tour through Italy and France this week, trying to drum up investment for his country's sanctions-battered economy.

But Iran still faces challenges that make it hard for companies to do business with Tehran.

In a move that was loudly celebrated in Iran, the United States and other countries earlier this month agreed to lift an economic embargo that had been imposed in 2012 in an effort to curb Iran's nuclear program.

Goldman Sachs will pay about $5 billion to resolve state and federal investigations into its handling of mortgage-backed securities in the years leading up to the 2008 financial crisis, the bank said today.

Copyright 2016 NPR. To see more, visit http://www.npr.org/.

Transcript

ARI SHAPIRO, HOST:

Markets tumbled today, hard. It's a continuation of a recent rough patch on Wall Street. Already this year, both the Dow and the S&P are down more than 7 percent. NPR's Jim Zarroli joins us now to discuss the sour mood among investors. Hey, Jim

Lego says it is changing its guidelines for the purchase of large amounts of its iconic toy bricks, a policy that had generated a social media firestorm when used to block sales to Chinese artist Ai Weiwei.

The company said in a statement that it will no longer ask people who want to buy the bricks in bulk what they're using them for:

Just as David Bowie left an indelible mark on music, he also played an important but lesser-known role in the world of finance.

In 1997, Bowie became the first musician to package his future royalties into a security that could be bought and sold by investors, an asset that came to be known as a "Bowie bond."

The sale of the bonds to Prudential Securities netted the musician $55 million. They were downgraded to junk by Moody's Securities in 2004, amid a wave of illegal downloading and weak overall music sales.

Already reeling from a series of food-borne-illness outbreaks, Chipotle Mexican Grill now faces a federal criminal investigation, as well.

The company says it has received a subpoena from a federal grand jury in connection with a norovirus outbreak last fall at one of its restaurants in Simi Valley, Calif.

In August, 189 customers were sickened after visiting the restaurant, as well as 18 Chipotle employees, according to Doug Beach, manager of the Community Services Program at the Ventura County Environmental Health Department, in an interview with NPR.

Democratic presidential candidate Bernie Sanders traveled to the heart of the nation's financial sector Tuesday to issue a scathing denunciation of Wall Street and repeat his call to break up the biggest banks.

Chipotle Mexican Grill is struggling to convince its customers it's a safe place to eat, after several outbreaks of foodborne illnesses have sickened hundreds of its customers. But no one thinks the task is going to be easy.

Copyright 2016 NPR. To see more, visit http://www.npr.org/.

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KELLY MCEVERS, HOST:

The U.S. Fish and Wildlife Service has placed one breed of African lions on its endangered species list, a move aimed at discouraging hunting of the animals at a time when their numbers are dwindling.

A second breed of lion will be designated as threatened, the agency said today.

Congress is getting closer to lifting a 40-year-old ban on oil exports, a move that could be a boon for U.S. oil producers hoping to expand into the global market.

President Obama and environmentalists oppose ending the ban, but Congressional leaders made it part of a $1.14 trillion spending bill, unveiled Tuesday, greatly increasing its chance of passage.

Newell Rubbermaid said today that it will acquire Jarden Corp., paying nearly $16 billion to acquire all of its stock and debt.

The deal brings together two companies with numerous familiar consumer brands under one roof, creating a single entity to be known as Newell Brands.

Copyright 2015 NPR. To see more, visit http://www.npr.org/.

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DAVID GREENE, HOST:

The National Highway Traffic Safety Administration has imposed a $70 million civil fine on the parent company of Chrysler for failing to report safety data.

A statement from the agency said Fiat Chrysler Automobiles, or FCA, has acknowledged that it failed to turn in "early warning report" data about accidents, warranty claims and safety issues. The data are used to identify potential defects that could lead to a recall, the agency said.

Douglas Tompkins, who made a fortune in retailing as the founder of The North Face and co-founder of Esprit and went on to become a major donor to conservation causes, has died in a kayaking accident in Chile. He was 72.

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