On March 31, 2010, the New York Times reported that the top 25 hedge fund managers raked in $25 billion in bonuses in 2009. During a time when unemployment remains at an all time high, with more than 11 million people now drawing unemployment insurance benefits, hedge fund managers have seemingly come out on top during this tough economic time. The minimum individual payout on the list was $350 million in 2009, which confirms that these top hedge fun managers remain grossly over compensated despite public outrage over the pay packages at big banks and brokerage firms. The question remains, will the government step in and regulate the financial industry? There is growing pressure to treat earnings of hedge fund managers as income instead of capital gains, as capital gains are taxed at a lower rate. Nevertheless, even if these managers pay more taxes on their earnings, they still will bring in enough money to maintain their lavish lifestyle, during a time when most Americans cannot afford to put food on the table and pay their mortgage. New York Times article

In an interview, Treasury Secretary Timothy Geithner discussed the unemployment rate, stating that the national jobless rate, now at 9.7 percent, is “still terribly high and is going to stay unacceptably high for a very long time” because of the damage caused by the recession. Geithner article. It is important to note that the overall jobless rate of 9.7% is understated, as thousands of people are not computed into the official count because they have given up on looking for work. Those who are employed understand that now, more than ever, employment of any kind is crucial, and that “job security” has become a thing of the past. During these tough times many companies are forced to lay-off workers to keep afloat. Though many companies will act within the bounds of the law, some may use tactics that are unlawful. It is crucial that employees know and understand their rights under the law. The attorneys at Leeds, Morelli & Brown, P.C. work to uncover unlawful business practices and empower employees to stand up for their rights.

The attorneys of Leeds Morelli and Brown, P.C. are experienced and determined employment law practitioners who will fight hard to make sure your rights are preserved. If you find your employer is engaging in questionable discriminatory behavior, we urge you to contact an attorney at Leeds, Morelli & Brown, P.C. for a free consultation at 1-888-585-4658 or our firm’s website at www.lmblaw.com.