The Gervais Principle is a fascinating series of articles that explain why this is the case and also give a lot of insight into corporate America. It's a great read.
"Unless you very quickly demonstrate that you know your own value by successfully negotiating more money and/or power, you are marked out as an exploitable clueless Loser."
If you are working long hours and aren't rapidly negotiating your way up and into serious equity then you are marking yourself as a sucker. Don't be surprised if they continue to exploit you.
I'd just call that bad management. Team building requires some skill, including adjusting equity and compensation to build loyalty and keep valued employees. Do it wrong, and you get guys like that who are frustrated and angry.
The Gervais Principle is a fascinating series of articles that explain why this is the case and also give a lot of insight into corporate America. It's a great read.