In a full-page New York Times ad that ran earlier this week, the New York branch of steakhouse chain Smith & Wollensky declared that if it can’t get its hands on customers’ cash, it will take their stock options. Its tongue-in-cheek “Steak for Stock” special calls for steak lovers to swap NYSE and NASDAQ certificates for equally acronymic USDA dry-aged steaks.
While Wall Street bonuses have traditionally funded blow-out meals at such restaurants, this year many bankers are getting company shares rather than cash. The ad pokes fun at the fact that Smith & Wollensky’s core clientele is no longer knee-deep in bonus money, saying that “the effects on the local economy could be catastrophic, leaving large tracts of land in the Hamptons and Martha’s Vineyard undeveloped.” Actual “Steak for Stock” trades are unlikely, as the registered owner of the stock must present the original certificate. But the ad insists customers take the promotion to heart, adding that the restaurant will “even accept GM.”
It’s an over-the-top approach reminiscent of the “Expense-a-Steak” promotion from Midtown steakhouse Maloney & Porcelli, which provided a site that generated fake receipts so that corporate clients could return to the upscale dining venue. This tactic boldly connects not only with bankers coming to terms with a new financial equation but also with other anxious New Yorkers, who can use a good laugh when thinking about the crisis.
Photo Credit: Smith & Wollensky New York City Facebook Page
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