Monday, January 24, 2011

RenTech cheating its employees?

Investment guru Jim Simons, who earned $2.5 billion in 2009 on his way to amassing an $8.5 billion fortune, is being accused of nickel-and-diming New York state out of unemployment insurance payments by incorrectly classifying the security guards at his hedge fund's two offices as contractors, The Post has learned.
Renaissance Technologies, the $15 billion hedge fund started in 1982 by Simons, 72, was found by the state Labor Department in 2009 to have been mischaracterizing the guards for years, documents show.
The move meant the company paid less unemployment insurance and other labor cost payments than it would have if the guards were tabbed as employees.

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