By Gabriela Resto-Montero
DNAinfo Reporter/Producer
MIDTOWN EAST — The government isn't the only one trying to unload its Citigroup stock.
Citi stock so far has been the only certificate used to redeem a steak meal since the famed steakhouse at 797 Third Ave. launched its "Stocks for Steaks" deal in February, a restaurant spokeswoman said.
The restaurant took out a cheeky full-page ad in the New York Times to launch their campaign poking fun at downsized banker's bonuses.
"The effects on the local economy could be catastrophic, leaving large tracts of land in the Hamptons and Martha's Vineyard undeveloped," the ad said. "We believe that by accepting stocks in lieu of dollars we are taking the first important step towards getting these bonuses back into the city's economy."
Payment for the meal is determined at the value of the stock at the closing bell. Diners can sign over a stock certificate to Smith & Wollensky's parent company, St. James LLC, in exchange for steak.
Under the restaurant's calculations, two shares of Citigroup stock would purchase a half a cup of creamed spinach soup back when the restaurant first launched the deal, CNBC reported. Wednesday morning, a Citi share was trading at $4.04.
While just a few customers have taken the challenge at face value, patrons have appreciated the eatery's good humor.
"Whether they bring stock in or not, our guests are getting a big kick out of it and there is a lot of joking and chatter about it," said Allison Good, a Smith & Wollensky spokeswoman.
