Well, VCs do sometimes get options -- that's what convertible debt is. Usually options are not treated as compensation, though. It is likely that Rabois has a

Well, VCs do sometimes get options -- that's what convertible debt is. Usually options are not treated as compensation, though. It is likely that Rabois has a mix of compensation from his firm, as a practical matter, and some of it is likely to be options -- but even if not, Rabois and people like him have paid a lot of taxes in California. A lot more than they would have paid in most states. When you consider how much they paid relative to how well the state government has provided services -- taking other states into consideration -- it's hard to see how the people moving are betraying anyone. They paid and paid and paid.