David Kestenbaum

David Kestenbaum is a correspondent for NPR, covering science, energy issues and, most recently, the global economy for NPR's multimedia project Planet Money. David has been a science correspondent for NPR since 1999. He came to journalism the usual way — by getting a Ph.D. in physics first.

In his years at NPR, David has covered science's discoveries and its darker side, including the Northeast blackout, the anthrax attacks and the collapse of the New Orleans levees. He has also reported on energy issues, particularly nuclear and climate change.

David has won awards from the American Association for the Advancement of Science, the American Physical Society and the Institute of Electrical and Electronics Engineers.

David worked briefly on the show This American Life, and set up a radio journalism program in Cambodia on a Fulbright fellowship. He also teaches a journalism class at Johns Hopkins University.

David holds a bachelor's of science degree in physics from Yale University and a doctorate in physics from Harvard University.

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Europe
4:31 pm
Wed December 19, 2012

UBS To Pay $1.5 Billion In Fines Over Libor Scandal

Originally published on Wed December 19, 2012 5:43 pm

The Swiss bank UBS has agreed to pay $1.5 billion in fines in multiple countries to settle allegations of manipulating the London interbank offered rate and other benchmark interest rates.

Planet Money
3:24 am
Fri December 14, 2012

Why A Principal Created His Own Currency

David Kestenbaum NPR

Originally published on Fri December 14, 2012 2:43 pm

Shawn Rux took over as principal of MS 53, a New York City middle school, last year. At the time, 50 or 60 kids were absent every day. You could understand why they stayed away: The school was chaos.

Twenty-two teachers had quit, the entire office staff had quit, and hundreds of kids had been suspended. The school was given a grade of F from the city's department of education.

"It was in a bad place," Rux says.

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Planet Money
5:04 am
Fri November 30, 2012

Why Mexico Is The World's Biggest Exporter Of Flat-Screen TVs

Mark Lennihan AP

Originally published on Fri November 30, 2012 11:04 am

Most of the news we hear about Mexico these days is about drug-related violence. But it turns out there's another, brighter story there: The country's economy has been growing at a solid pace for the past couple years, driven in large part by solid exports.

Among other things, Mexico is the world's largest exporter of flat-screen TVs. There are a lot of factories just south of the U.S. border, filled with workers putting together televisions. The individual parts come from Asia, but the final assembly is done in Mexico.

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Planet Money
3:18 am
Wed November 21, 2012

How The Government Set Up A Fake Bank To Launder Drug Money

Skip Latson marks the fake opening of RHM Trust Bank.
Bill Bruton

Originally published on Tue November 27, 2012 1:18 pm

In the early 1990s, Colombian drug cartels had a problem: They had more money than they knew what to do with.

"They were having a very difficult time with just the logistics of laundering millions and millions and millions of dollars every week," says Skip Latson, who worked for the DEA at the time.

So Latson and Bill Bruton, who was a special agent with the IRS, hatched a plan: They'd create a fake, offshore bank catering to the needs of the drug cartel.

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Planet Money
7:48 am
Sat November 17, 2012

A Sequester Is A 'Jelly-Like Mass,' And Other Notes On Fiscal-Cliff Jargon

Charles Dharapak AP

Here's a quick rundown on three of the most impenetrable terms related to the fiscal cliff. For more, see our post, The Fiscal Cliff In Three And A Half Graphics.

1. Sequester

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Planet Money
4:04 am
Thu November 15, 2012

Why Coke Cost A Nickel For 70 Years

An oilcloth sign advertising Coca-Cola from 1905.
The Coca-Cola Company

Originally published on Mon November 19, 2012 2:04 pm

Prices change; that's fundamental to how economies work.

And yet: In 1886, a bottle of Coke cost a nickel. It was also a nickel in 1900, 1915 and 1930. In fact, 70 years after the first Coke was sold, you could still buy a bottle for a nickel.

Three wars, the Great Depression, hundreds of competitors — none of it made any difference for the price of Coke. Why not?

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Planet Money
4:16 pm
Tue November 6, 2012

A Hidden Safety Net, Made Visible By The Storm

Shopping carts full of food damaged by Sandy await disposal at Fairway.
Seth Wenig AP

Originally published on Thu November 8, 2012 4:54 pm

The Fairway supermarket in Red Hook, Brooklyn is the sort of place New Yorkers, accustomed to cramped spaces, talk about with amazement. It's an actual, full-size supermarket, right at the edge of New York Harbor.

It's a beautiful setting, but one that was diastrous last week, when Sandy came through.

"There were five feet of water throughout the store," Bill Sanford, the president of the company told me. "Everything was submerged."

They had to throw out dumpsters worth of food. Chicken, fish, vegetables.

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Planet Money
4:05 pm
Fri October 26, 2012

Energy Independence Wouldn't Make Gasoline Any Cheaper

Friedemann Vogel Getty Images

Just about every president since Richard Nixon has set energy independence as a goal, and both major candidates have brought it up the current campaign.

As it turns out, there is a place, not so far from here, that has achieved energy independence: Canada.

Canada produces far more oil than it consumes. They're not dependent on the Middle East! They've got all the oil they need!

I called Stephen Gordon, a professor of economics at Université Laval in Quebec City, to ask him about what energy independence means for his nation.

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Planet Money
3:28 pm
Thu October 4, 2012

The Accountant Who Changed The World

Summa de Arithmetica, Geometria, Proportioni et Proportionalita." href="/post/accountant-who-changed-world" class="noexit lightbox">
A page from Pacioli's math encyclopedia, Summa de Arithmetica, Geometria, Proportioni et Proportionalita.
via Jane Gleeson-White

Originally published on Fri October 5, 2012 4:04 pm

The story of the birth of accounting begins with numbers. In the 1400s, much of Europe was still using Roman numerals, and finding it really hard to easily add or subtract. (Try adding MCVI to XCIV.)

But fortunately, Arabic numerals (1, 2, 3, 4, etc.) started catching on, and with those numbers, merchants in Venice developed a revolutionary system we now call "double-entry" bookkeeping. This is how it works:

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Planet Money
3:25 am
Fri September 28, 2012

He Won't Tell You His Name, But He'll Help You Hide Your Money

Meet Adam Wolf*, your asset protection adviser. (*Not his real name.)
via Global Wealth Protection

Originally published on Sat September 29, 2012 7:11 pm

We set up our shell companies. Then we wondered: What do people actually do with shell companies?

One popular use, it turns out, is what professionals call "asset protection." Ordinary people call this "hiding money."

Maybe you're a surgeon worried a patient might sue you and take everything you have. Or you want to hide money from your ex (or your soon-to-be ex).

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