"Geeksploitation The act of taking advantage of twentysomething digital workers who are flushed with pioneer enthusiasm and willing to work very long hours if bolstered by junk food, flexible work schedules, and no dress code. Gareth Branwyn, "Jargon Watch," Wired Magazine, February, 1997"
This is really just an extension or a new way to exploit the fact that a lot of nerds are doormats, and are completely unable to negotiate market salary. Happily, there are some who see the shenanigans for what it is.
http://www.wordspy.com/words/geeksploitation.asp