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Viliam_Bur comments on Things I Wish They'd Taught Me When I Was Younger: Why Money Is Awesome - Less Wrong
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This is probably specific for USA. In my country this does not happen in IT. (Some other professions are exploited this way, e.g. doctors. Which is even more horrible, if you imagine the consequences.)
It's not just exploitation by elders in medicine though. Many young doctors work ridiculous hours by choice, and their more reasonable colleagues suffer as a consequence.
It's terrible that the expertise of doctors should make them fully acknowledge the dangers of sleep deprivation for example, yet some of them wilfully ignore the facts.