links on a card are always readable by anyone who can read that card; inclusions (even inclusions in "link view") are not.
pointer items are rendered as links in closed view and as inclusions in open. therefore cards with restricted permissions show up in closed view but not open.
The simple solution is to render closed view the way we do content view: convert each item from link to inclusion (overriding item view to be link).
Ultimately it might make even more sense to store the items as inclusions in the first place, but this could involve a major migration and could break a bunch of WQL.
When you sign out, you shouldn't see private cards here, but you do. If you open the card it goes away, but it shouldn't be visible even in closed view.
These examples illustrate the issue behavior describe above:
as link: Wagn 0.10 and beyond
as inclusion (view:link): Wagn 0.10 and beyond