I don't disagree with you that the problem is with the corporate system, but it's also made significantly worse by the unfavorable tax treatment. If the IRS di

I don't disagree with you that the problem is with the corporate system, but it's also made significantly worse by the unfavorable tax treatment. If the IRS didn't require you to realize gains on the spread when exercising, then a lot of these issues would dissolve. That's not to say folks wouldn't find other ways to restrict employee ownership.