Smith & Wollensky: Steaks for stocks
Finally someone in New York is giving the bankers a break.
As Wall Street workers come to terms with the shock of receiving their multi-million dollar bonuses in shares rather than cash, Smith & Wollensky steakhouse is offering a helping hand.
The New York restaurant is offering to let diners pay for their steaks with stock certificates, touting the plan as a way to inject the bonuses into the city’s economy. The idea seems well and good but the fine print could prove interesting. First, diners must present original stock certificates as payment but few have such paper in their possession in these electronic days. Also, the question of how the shares will be priced is outstanding – will Bloomberg screens be installed in the restaurant to help diners decide on the right moment to pay their bills? Will there be a rush of steak eating in line with good days at the office?