"Long’s question was, could ESOPs “make haves out of the have-nots without taking it away from the haves?” Working on assurances that this was indeed the case, Long said, “That’s the kind of populism I can buy.”"

Apparently Russell was not as smart as his Daddy. 

ESOPs may well work for public-company employees since the shares they receive are openly traded and financial information is publicly available. For private-company employees, not so much.

Private-company employees are severely limited in their ability to cash out. They usually end up selling the shares back to the company at a price determined by the company. Most only know as much about the company's finances as it is willing to share with them so it is difficult for them to know whether or not the price they get is fair.

Although there are decent employers who play fair, ESOPs can easily be turned into rackets by the less scrupulous. I personally know of a private company that tried to use an ESOP as a way for its owners to cash out some of their own shares.

I find it interesting that ESOPs are being touted now just when the chains of employer-sponsored health insurance are being broken and when so many public companies are going back private.

Caveat emptor.