It definitely seems like a bug that it's so difficult to realize any benefit until the company goes public, and when that happens -- if it happens at all -- is

It definitely seems like a bug that it's so difficult to realize any benefit until the company goes public, and when that happens -- if it happens at all -- is under the sole discretion of management. I guess there is a reason they're called golden handcuffs. This problem was described well here: http://blog.samaltman.com/employee-equity http://blog.samaltman.com/employee-equity and there are some interesting solutions. I wonder if any companies have taken this advice in the 20 months since it was given.