Jim Zarroli

JPMorgan Chase CEO Spared By Shareholders

Jim Zarroli — Tue, 21 May 2013 20:41:00 +0000

Transcript

ROBERT SIEGEL, HOST:

Jamie Dimon, the chairman and CEO of JP Morgan Chase, has beaten back the most significant challenge to his leadership since he took charge.

Wal-Mart Won't Sign Pact, Has Own Way To Protect Workers

Jim Zarroli — Wed, 15 May 2013 10:19:00 +0000

Following a factory collapse in Bangladesh that killed more than 1,000 people, Wal-Mart has declined to join a multi-company factory safety accord to try to prevent future disasters. Instead, the world's largest retailer announced its own set of inspection and safety measures.

Wall Street Complains About Bloomberg Reporters' Access To Info

Jim Zarroli — Mon, 13 May 2013 08:21:00 +0000

Giant financial data company Bloomberg is acknowledging that some of its subscribers were tracked by the company's reporters. The reporters were allowed to see what kind of information the subscribers were looking at and how long it had been since they logged on. The tracking came to light after Goldman Sachs Raised questions about the practice. Over the weekend, the Federal Reserve said it is looking into whether its employees were tracked as well.

Bangladesh's Powerful Garment Sector Fends Off Regulation

Jim Zarroli — Thu, 09 May 2013 21:50:00 +0000

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.

Why Ben Franklin Is The World's Banker

Jim Zarroli — Wed, 08 May 2013 10:08:00 +0000

Transcript

STEVE INSKEEP, HOST:

Now it's a rare thing for Americans to get a glimpse of Ben Franklin's face on a hundred dollar bill. Even if they have a hundred bucks most people do not carry a hundred dollar bill in their wallets. Many stores don't even accept bills that large because they fear counterfeits.

Stocks Rise Despite Lackluster Corporate Earnings Reports

Jim Zarroli — Thu, 02 May 2013 08:41:00 +0000

Transcript

DAVID GREENE, HOST:

OK. From understanding language, let's try to understand one development in the economy. Corporate revenues have been lackluster. But despite that, stock prices keep going up. This might have something to do with what the Federal Reserve has been up to. Hoping to get money into the economy and stimulate growth, the Fed has been aggressively buying bonds.

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

Jim Zarroli — Thu, 25 Apr 2013 21:46:00 +0000

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.

Walk around the back of a house in Queens and you'll find a dingy basement apartment no bigger than 600 square feet.

Fake Tweet Causes Financial Markets To Drop

Jim Zarroli — Wed, 24 Apr 2013 10:03:00 +0000

Transcript

DAVID GREENE, BYLINE: Hackers got into the Associated Press's Twitter account yesterday and sent out a fake tweet saying the White House had been attacked. Though the tweet was discredited very quickly, it created a swift and panicked reaction on the stock market.

Here's NPR's Jim Zarroli.

JIM ZARROLI, BYLINE: The tweet said that a pair of bombs had gone off in the White House and President Obama was injured.

MIT Officer Dies Protecting His Community, In Job He Loved

Jim Zarroli — Sat, 20 Apr 2013 19:09:00 +0000

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.

Labor Department Nominee Questioned On Housing Case

Jim Zarroli — Thu, 18 Apr 2013 22:06:00 +0000

Transcript

ROBERT SIEGEL, HOST:

President Obama's nominee to head the Labor Department, Thomas Perez, appeared before a Senate committee today where he tried to portray himself as a bipartisan problem-solver who could listen to all sides.

Despite Flaws, Harvard Economists Stand By Research

Jim Zarroli — Thu, 18 Apr 2013 09:56:00 +0000

Transcript

STEVE INSKEEP, HOST:

Two prominent Harvard economists have admitted there are errors in an influential paper they wrote on government debt. This paper was widely cited in recent budget debates.

After Years Of Climbing, Gold Prices Slide

Jim Zarroli — Mon, 15 Apr 2013 08:42:00 +0000

Transcript

DAVID GREENE, HOST:

And let's stay on the topic of billionaires.

STEVE INSKEEP, HOST:

Sure.

GREENE: Bloomberg News is reporting that billionaire investor John Paulson has lost more than $300 million as a result of the slide in gold prices. After climbing for years, gold has recently lost considerable ground.

Margaret Thatcher's Economy

Jim Zarroli — Tue, 09 Apr 2013 08:34:00 +0000

Transcript

DAVID GREENE, HOST:

This is MORNING EDITION, from NPR News. Good morning. Steve Inskeep is in Venezuela, reporting this week on that country's presidential election, and he'll be on the program tomorrow. I'm David Greene.

Shortly after being elected to her first term as prime minister in 1979, Margaret Thatcher said this: Pennies don't fall from heaven. They have to be earned here on Earth. That was a good summary of a conservative philosophy that would see Thatcher lead her country through its most dramatic economic and social changes in generations.

Long-Term Unemployed Prepare For Sequester Pinch

Jim Zarroli — Sat, 06 Apr 2013 10:53:00 +0000

Almost 5 million Americans are considered long-term unemployed, meaning they have been searching for work for at least six months.

This week, their plight is getting a bit tougher as the government cuts their unemployment benefits — part of the automatic reductions in federal spending that took effect recently.

On a recent day, about 40 people turned out at a Manhattan jobs center run by the New York Labor Department to get advice on looking for work.

Feds Ban Banks From Charging Homeowners Fees On 'Forced Insurance'

Jim Zarroli — Tue, 26 Mar 2013 20:56:00 +0000

Transcript

AUDIE CORNISH, HOST:

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

Federal regulators are taking aim at a practice they say is forcing millions of struggling homeowners to pay higher insurance premiums. The Federal Housing Finance Agency issued an order today. It bars banks from charging lucrative fees and commissions on so-called lender-placed insurance policies. NPR's Jim Zarroli explains.

JIM ZARROLI, BYLINE: Homeowners with mortgages are supposed to have property insurance.

As Cardinal, New Pope Walked Fine Line On Economic Issues

Jim Zarroli — Mon, 25 Mar 2013 22:50:00 +0000

He took his name from a 13th century saint who gave up his wealth and threw in his lot with the poor.

More Suitors Offer To Take Over Dell

Jim Zarroli — Mon, 25 Mar 2013 08:42:00 +0000

The board of the computer company Dell is said to be weighing several takeover offers. The company's founder has allied with the private equity firm Silver Lake to take the company private.

Confidence In Cyprus Banks Falters As Government Proposes Deposit Tax

Jim Zarroli — Mon, 18 Mar 2013 20:43:00 +0000

Cyprus is facing a run on its banks after the government proposed taxing bank deposits. The government has put off a vote on the plan in a bid to calm things down. Banks are set to re-open on Thursday after a bank holiday was declared on Monday.

JPMorgan Chase Exec Says She Was Misled About Risks With 'London Whale' Trades

Jim Zarroli — Fri, 15 Mar 2013 21:39:00 +0000

Last year, JPMorgan Chase acknowledged that it lost $6.2 billion in a hedging strategy gone awry. On Friday, current and former bank executives tried to explain how that loss occurred.

JPMorgan In Hot Seat Over London Whale Losses

Jim Zarroli — Fri, 15 Mar 2013 09:12:00 +0000

Transcript

RENEE MONTAGNE, HOST:

JPMorgan Chase executives testify before a Senate committee today. They'll be questioned about the multibillion-dollar trading losses racked up by a London-based unit of the bank. The bank acknowledged last spring that it lost more than $6 billion. The executive who was running the unit told a Senate subcommittee that employees at the bank misled her about the extent of the risks they were taking while trading derivatives.

In Trendy World Of Fast Fashion, Styles Aren't Made To Last

Jim Zarroli — Mon, 11 Mar 2013 20:27:00 +0000

When she got out of college and moved to New York, Elizabeth Cline liked to shop at vintage-clothing stores. They were the kinds of places tucked away on side streets in Manhattan and Brooklyn, where a lot of hunting and a little luck might reward you with a great, inexpensive cocktail dress that no one else had.

Then she discovered the world of "fast fashion" — chains like Forever 21, H&M and Zara — and it redefined her whole notion of bargain shopping.

"The products are very, very cheap," says Cline, author of Overdressed: The Shockingly High Cost of Cheap Fashion.

As States Embrace Online Gambling, Questions Arise

Jim Zarroli — Wed, 27 Feb 2013 22:57:00 +0000

Several states are rushing to establish a foothold in online gambling — an activity that federal officials were only recently trying to ban.

Just a while ago, the federal government actually viewed online gambling as a crime. Lately, the Obama administration has taken a more permissive stance. It now allows states to sell lottery tickets online.

New Jersey Gov. Chris Christie had expressed reservations about online gambling a month ago and had vetoed an earlier version of the bill. But in the end, the pressure to sign the legislation was just too great.

The Rev.

Historic Blizzard Freezes Transit In Northeast U.S.

Jim Zarroli — Fri, 08 Feb 2013 22:06:00 +0000

Transcript

AUDIE CORNISH, HOST:

It's ALL THINGS CONSIDERED from NPR News. I'm Audie Cornish.

ROBERT SIEGEL, HOST:

And I'm Robert Siegel.

Heavy snow is falling across the Northeast, and when it's all over, winter storm Nemo could be a blizzard of historic proportions. The governor of Massachusetts has even ordered all cars off the roads.

CORNISH: The impact on transportation is widespread: thousands of flights cancelled, trains service disrupted.

S&P Lawsuit Puts Ratings Firms Back In The Spotlight

Jim Zarroli — Tue, 05 Feb 2013 23:36:00 +0000

The Justice Department said Tuesday it could seek more than $5 billion in damages from Standard & Poor's, the nation's biggest credit ratings company, a day after it sued the company, alleging that S&P defrauded investors by giving triple-A ratings to risky subprime mortgage investments.

The ratings business got started a century ago, when John Moody set up a company to rate railroad bonds for investors.

DOJ Sues S&P For Giving AAA Ratings To Risky Mortgage Investments

Jim Zarroli — Tue, 05 Feb 2013 21:48:00 +0000

The Justice Department may seek as much as $5 billion from Standard and Poor's. In a lawsuit filed Monday night, prosecutors accuse the firm of misleading investors with fraudulent credit ratings on dozens of different mortgage bonds. It's not yet clear whether federal officials plan to file a similar suit against the other big rating firms, Moody's and Fitch. Regulators would like to see the industry be more competitive and less dependent on the firms whose securities they are rating.

S&P To Face Fraud Suit Over Mortgage-Backed Securities

Jim Zarroli — Tue, 05 Feb 2013 11:26:00 +0000

Transcript

STEVE INSKEEP, HOST:

The U.S. Justice Department plans to file a civil suit this week accusing the credit rating company Standard and Poor's of fraud. Standard and Poor's is the company that famously downgraded U.S. debt in 2011. This investigation focuses on S and P's actions before the financial crisis. The civil action accuses S and P of fraudulently inflating the ratings of mortgage investments, setting them up for the crash that lead to the great recession.

DOJ Plans To Sue S&P Over Its Ratings Of Mortgage-Backed Securities

Jim Zarroli — Mon, 04 Feb 2013 22:55:00 +0000

Transcript

ROBERT SIEGEL, HOST:

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

AUDIE CORNISH, HOST:

And I'm Audie Cornish.

Ever since the financial crisis erupted in 2008, fingers have been pointing at ratings agencies. Well, today comes news that the U.S. government plans to sue the largest agency, Standard & Poor's for fraud. The case has to do with how the S&P rated mortgage-backed securities. To explain, we're joined by NPR's Jim Zarroli.

Stock Market Rallies On Positive Jobs Report

Jim Zarroli — Fri, 01 Feb 2013 22:17:00 +0000

Transcript

MELISSA BLOCK, HOST:

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

AUDIE CORNISH, HOST:

And I'm Audie Cornish.

We're going to take a look now at some economic indicators, and here's one number to start, 14,000. Today, the Dow closed above 14,000 for the first time since 2007. It seems the market liked what it saw in this morning's report from the Labor Department. Employers added 157,000 jobs last month, another example of slow but steady growth in the job market.

But the unemployment rate ticked up a notch to 7.9 percent.

Economists Shrug Off Weak U.S. Growth Rate

Jim Zarroli — Thu, 31 Jan 2013 11:10:00 +0000

The economy shrank a bit in the fourth quarter and analysts are trying to figure out why. It's clear that declines in business inventories and government spending played a role, but was the real problem the narrowly averted fiscal cliff?

In 4th Quarter, Economy Shrank For First Time Since '09

Jim Zarroli — Wed, 30 Jan 2013 15:43:00 +0000

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep, with Renee Montagne. Good morning.

Let's try again, shall we, to explain what it means when we hear that the U.S. economy shrank in the fourth quarter of 2012. As we've discussed elsewhere in the program, the decline was slight - just one-tenth of a percentage point - but it is the first contraction of the economy since the Great Recession officially ended in 2009. NPR's Jim Zarroli is with us once again in New York.