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 the debt crisis spreads across Europe, the economy in the region is slowing to a crawl. One place that's starting to feel the impact of the slowdown is the massive port of Rotterdam in Holland. It's the biggest port in the world outside Asia. Much of what's bought and sold in Europe goes through Rotterdam.

The debt crisis in Europe got under way in small, heavily indebted countries like Greece and Ireland, but these days it's also being felt in the wealthy heartland.

The Dutch government says the country probably slipped into a recession at the end of this year, and like other countries, it's having to consider budget cuts.

Ever since Fannie Mae and Freddie Mac were taken over by the government in 2008, questions have swirled over who was responsible for their collapse. Friday, the Securities and Exchange Commission weighed in, filing fraud charges against former Fannie Mae CEO Daniel Mudd, former Freddie Mac CEO Richard Syron and four other former executives.

France and Germany are trying to persuade other European countries to sign onto a package of reforms aimed at shoring up the embattled euro. They're hoping to win agreement in time for Friday's big summit of European leaders in Brussels. A failure to reach agreement could send the wrong signal to the financial markets, which are already deeply worried about Europe's fiscal problems.

The major central banks of the world moved Wednesday to prevent a banking crisis in Europe. They're providing more liquidity to the European banking system in hopes that big banks there will remain solvent and continue to make loans. The coordinated move by the central banks sent stock markets soaring. But it will not even begin to fix Europe's fundamental economic problems.



In New York, yesterday, a federal judge rejected a settlement of a fraud case involving Citigroup. The Securities and Exchange Commission, which brought charges against the bank, had agreed to the $285 million deal. But Judge Jed Rakoff said he didn't believe the settlement was in the public interest. NPR's Jim Zarroli reports.

As the European debt crisis drags on, one question being asked is what will happen to Italy. The new government of Prime Minister Mario Monti is struggling to convince the financial markets that the country has a plan to pay its debts. Among other things, Monti says he will do something about Italy's long tradition of tax evasion, which is considered somewhat of a national sport.



The pharmaceutical company Merck has agreed to pay nearly a billion dollars to settle charges that it illegally marketed its painkiller, Vioxx. The drug was taken off the market in 2004 after questions were raised about its safety. NPR's Jim Zarroli reports.

Enrico Frare isn't a well known name in Italian business. The 36-year-old runs E-group, a small clothing company in the commercial region around Treviso that makes winter sportswear.

But last month, Frare did something that attracted a lot of attention. He bought a full-page ad in Milan's main newspaper appearing in what might politely be called his birthday suit. The caption read: "Every day in Italy an entrepreneur risks losing his shirt."