it really is a privatize the gains socialize the losses situation, isn't it? due to the new rules (or lack thereof), public investors didn't have access to all that growth.
no way it ever gives you a return like, say, the amazon IPO could've.
Losses are much more privatized staying private. Instead of hitting people's 401k or pension fund, this is mostly contained to a concentrated set of VC and PE investors, not large public markets.
The companies involved still come for the 401k/pension funds, they just now wait until the majority of the upside growth has been realized and then dump the downside on to 401k/pension funds.
no way it ever gives you a return like, say, the amazon IPO could've.