Cutting salaries, taking vacation time...are they free to do as they please?

I have a question concerning some recent activities at my workplace. I am a cath lab nurse in Texas. Recently the hospital laid off 50+ people to cut costs, has closed clinics, shut floors, etc. The same hospital just now (like 2 months ago) opened a completely new cardiac center with a cardiac ER, cardiac ICU, CCU, cath labs...the whole nine yards. Anyway, our labs are already run with the absolute minimum staff. Nobody gets a break, a lunch, or time to pee. I have been in this lab about 6 months. With the hospital about 2.5 yrs working CCU. So 6 months ago they offer me this job. Salaried (exempt) at about $33.00/hr. Now, Friday the 19th, my boss and other upper management people come to us. First we get the "if you walk out of here and say anything bad about the hospital you are cutting your throat" spill, then we are all given figures (on scratch paper) of our new wages, We have two choice, go hourly or salaried. It's all or nothing. Remember there are RN's and RT's here. We all have to make the same decision. Some people wanted hourly, some wanted salary. The boss person decided we would have to go with a majority vote. I think this is wrong on so many levels. We are not a union, We aren't even all in the same profession. The rates were figured individually. She said our rates were figured based on our yrs experience, and our attitudes. Apparently our attitudes were used to determine how big our cuts were going to be.

So long story short, upper and middle management recently took a 10% decrease in salary to help cut costs. The figures we were given were anywhere from a 25-30% decrease in pay. Although many of us have never been written up or disciplined our pay was cut based on attitude. This info was presented to us at 4 pm the Friday before Christmas and the decision had to be made immediately since Christmas is a slow week for the cath lab with MD's on vacation, out of town, etc.

Also, before now we were supposed to be salaried. Sometimes we work 60+ hr weeks and management tells us "that is part of being salaried." When we have a 32 hr week our vacation time is used to make our 40 hrs or else we dont get paid our full salary. I just think this is wrong. It seems we are salaried when it benefits the hospital (60+ hr weeks) and not when we have a short week.

I would just like to know if things like this are legal. If so, it seems that they can do whatever they want and get away with it. I appreciate any help.