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Shocker! Ruth Chris Steakhouse, which made 468 million year and 40 million profit, got 20 million in SBA loans

Deleted member 12224

user requested account closure
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Oct 27, 2017
6,113
entremet said:
They're a restaurant group, so they own other chains too.
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From their Wiki and a quick & dirty Google search, seems like they rebranded to add the word Hospitality after buying two seafood chains in 2008, but they sold one of them in 2014.

"In 2014 the company announced the resale of its Michell's brand to concentrate on its Ruth's Chris Steak House chain.[2]"

So they might have some lingering other seafood brand but it's basically the Ruth's Chris company.

Man. I know in some places Ruth's Chris is the best you can get, but in a lot of metro areas, it's still bumping despite being a shitty bootleg version of any number of proper porterhouse steakhouses.
 
bionic77

bionic77

Member
Oct 25, 2017
30,895
Hiphopopotamus said:
I don't think it's vote buying, I think it's lobbyist groups that have FEMA contacts that pushed their clients' interests to the front of the line knowing the fund would be depleted almost immediately.
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I can agree with that, I was just responding to the tweet that was posted.

I am starting to notice that a lot of tweets that are posted can be misleading or just flat out wrong.
 
prophetvx

prophetvx

Member
Nov 28, 2017
5,345
Weeats said:
That is a laughable understanding of math and statistics, dude.
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Yes hilarious that states with far lower populations, less diversity in franchises and higher ratio of smaller businesses would have a higher percentage of loan approvals targeting small businesses.

If you care to point where it is actually a wrong assumption, instead of posting a fly-by comment, feel free to.

That isn't to suggest that something nefarious isn't going on, it's the American government and banking system, they don't deserve the benefit of the doubt. However, I would expect a higher percentage of successful small business loan applications for rural USA over the coastal states, given the lower volume of applications and higher ratio of small businesses.
 
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Angelus Errare

Angelus Errare

Member
Oct 25, 2017
5,582
Racoon City
Man the people on the internet who screamed out "Who cares, House needs to sign the Senate bill now! They're trying to shove in a bunch of regulations when people are losing their businesses and need help! Sign it now and fix the problems later" really should reevaluate things.

Because really in the grand scheme of things, all the common person got was one measly cheque. And big business/corporations/wealthy got so much more
 
OP
OP
entremet

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
60,294
Angelus Errare said:
Man the people on the internet who screamed out "Who cares, House needs to sign the Senate bill now! They're trying to shove in a bunch of regulations when people are losing their businesses and need help! Sign it now and fix the problems later" really should reevaluate things.

Because really in the grand scheme of things, all the common person got was one measly cheque. And big business/corporations/wealthy got so much more
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After 08, this was bound to happen again. Socialism for the rich. Rugged individualism for everyone else. I'm talking in the context of the companies here. Ruth Chris could weather this storm much better than most small businesses.
 
Hiphopopotamus

Hiphopopotamus

Banned
Oct 27, 2017
7,885
bionic77 said:
I can agree with that, I was just responding to the tweet that was posted.

I am starting to notice that a lot of tweets that are posted can be misleading or just flat out wrong.
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Of course, Twitter is a cesspit, but the Forbes article is paywalled for me so the link allows me to see the larger matrix.

The Twitter OP is a California rep, so I am not surprised she's biased and making a reductionist case, but those numbers look strange no matter how you parse it
 
Possum Armada

Possum Armada

Banned
Oct 25, 2017
7,630
Greenville, SC
entremet said:
I'm not blaming Ruth Chris. I'm blaming our government for allowing these loopholes.

If they wanted to create a separate fund for big boy companies, I'd have no issues.

But they created this fund for small business, they put a big exception for huge companies. So of course, a good amount of the funds would go to these companies. They have way more resources and staff to handle these applications much more swiftly, on top of political connections.

Compare that to a 4 person business that has an owner that is completely overwhelmed and trying to keep their business afloat.
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Oh I totally agree. I misread your original post and assumed you were directing the (valid) outrage towards the company rather than the corrupt government that allowed the sleaziness to occur.

My apologies. :)
 

Polk

Avenger
Oct 26, 2017
4,252
Gaf Zombie

Gaf Zombie

The Fallen
Dec 13, 2017
2,239
Yeah, their steaks are pretty good but that lobster mac and cheese is delectable.

I mean, yeah, fuck those guys.

In all seriousness, I wish I were shocked but this is what happens when "conservatives" are calling the shots.
 
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entremet

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
60,294
Blue Skied And Clear said:
Oh I totally agree. I misread your original post and assumed you were directing the (valid) outrage towards the company rather than the corrupt government that allowed the sleaziness to occur.

My apologies. :)
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No worries. No offense taken.

I learned about this article from an independent restauranteur. He wasn't able to get funding and now his business is in jeopardy. Not just his business but also the people he employs. So he shared this on social calling BS on the whole program.
 
Empyrean Cocytus

Empyrean Cocytus

One Winged Slayer
Member
Oct 27, 2017
18,738
Upstate NY
Ruth Chris isn't even that good, why am I going to pay $100 for the same quality steak I can get at Outback for a fifth of the price - plus it comes with sides.
 
thewienke

thewienke

Member
Oct 25, 2017
16,017
Empyrean Cocytus said:
Ruth Chris isn't even that good, why am I going to pay $100 for the same quality steak I can get at Outback for a fifth of the price - plus it comes with sides.
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Honestly I see no reason to go to a steakhouse more expensive than Texas Roadhouse when talking about the food alone. The improvement between a $25 steak and a $100+ steak is marginal at best.

The atmosphere at a Texas Roadhouse is like eating in a elementary school cafeteria though.
 
Hiphopopotamus

Hiphopopotamus

Banned
Oct 27, 2017
7,885
thewienke said:
Honestly I see no reason to go to a steakhouse more expensive than Texas Roadhouse when talking about the food alone. The improvement between a $25 steak and a $100+ steak is marginal at best.

The atmosphere at a Texas Roadhouse is like eating in a elementary school cafeteria though.
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Is that the place where they encourage you to throw peanut shells and shit on the floor?
 
Empyrean Cocytus

Empyrean Cocytus

One Winged Slayer
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Oct 27, 2017
18,738
Upstate NY
thewienke said:
Honestly I see no reason to go to a steakhouse more expensive than Texas Roadhouse when talking about the food alone. The improvement between a $25 steak and a $100+ steak is marginal at best.

The atmosphere at a Texas Roadhouse is like eating in a elementary school cafeteria though.
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Sometimes the high-end steakhouses you can taste and see the difference, I went to a steakhouse out in Boston for a friend's bachelor party and had a 1lb+ bone-in New York strip that was the best steak I've ever had. But that's typically only the independent places or the smaller chains. Ruth's Chris is like a Texas Roadhouse/Outback/Longhorn sort of place. And having eaten at all three, Outback is definitely the best quality.

Though honestly, I prefer just making steak myself on my grill. Made a London Broil a couple weeks ago that was absolutely beautiful.
 

Deleted member 31199

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Nov 5, 2017
1,288
ianpm31 said:
Ruth Steakhouse advertises on the Hannity radio show. I know because my dad and I would listen from time to time for comedic reasons.
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Is their steaks even all that good? I went to a Morton's once and I liked it. Is RC all that good? I figure anyone that advertises on a right wing radio show is probably a sham.
 
thewienke

thewienke

Member
Oct 25, 2017
16,017
Hiphopopotamus said:
Is that the place where they encourage you to throw peanut shells and shit on the floor?
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Yeah and there's always a 45 minute wait to get in at every location I've ever seen. Logan's does the same thing but their steak is definitely worse and they're not nearly as packed.

Empyrean Cocytus said:
Sometimes the high-end steakhouses you can taste and see the difference, I went to a steakhouse out in Boston for a friend's bachelor party and had a 1lb+ bone-in New York strip that was the best steak I've ever had. But that's typically only the independent places or the smaller chains. Ruth's Chris is like a Texas Roadhouse/Outback/Longhorn sort of place. And having eaten at all three, Outback is definitely the best quality.

Though honestly, I prefer just making steak myself on my grill. Made a London Broil a couple weeks ago that was absolutely beautiful.
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Yeah I'll defend local places a bit. The best cut of beef in general that I have ever had was a blackened prime rib at a tiny restaurant in Huntsville, Texas of all places. It was still only $30 but it was fabulous.

I've just personally never left a high end steakhouse (that work paid for thankfully) and not thought to myself that I would have been just as happy with a $25 steak but people really get into the whole "dining experience" I guess.
 
Hiphopopotamus

Hiphopopotamus

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Oct 27, 2017
7,885
entremet said:
Yes lol.
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thewienke said:
Yeah and there's always a 45 minute wait to get in at every location I've ever seen. Logan's does the same thing but their steak is definitely worse and they're not nearly as packed.
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I went there one time and walked out disgusted after watching a couple douchebags in suits tossing shells at some young lady, then toss some more only after she came by to sweep the area around their table
 
GoldenEye 007

GoldenEye 007

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Oct 25, 2017
13,833
Texas
thewienke said:
Honestly I see no reason to go to a steakhouse more expensive than Texas Roadhouse when talking about the food alone. The improvement between a $25 steak and a $100+ steak is marginal at best.

The atmosphere at a Texas Roadhouse is like eating in a elementary school cafeteria though.
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Sometimes there is a decent difference between a high end place and a larger chain. Much more expertise on preparing a premium cut of meat. But I finally did a reverse sear at home for a good sized ribeye and I'm not sure if I need to go out of my way to a steakhouse much more - unless I really want to get out.

I finally got it to that level of quality on my own. Put it in the oven at 200 for just over an hour. Then put it on a screaming hot cast iron after resting it for 10 min. I was in shock at how close it was to steaks I've had at high end places that charge $50-100 a steak. The night before, I put it on a rack in the fridge and salted it. Basically the new Alton Brown method.

As for Ruth Chris, so they're considered a small business even though they're not franchised and they got in first while the getting was good? Who pushed for that language change in the law?
 
CatAssTrophy

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Dec 4, 2017
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Dark1x said:
That name still throws me for a loop. It messes with logic.

"Ruth's Chris Steak House" - it's a Chris Steak House owned by Ruth? Is Chris the son of Ruth and this is Chris's Steak House?
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I've been wondering this for years, and every time I drove by one of them in my city I'd once again descend into the mental rabbit hole and forget where I am or what I was doing.
 
PanzerKraken

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Nov 1, 2017
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A high end steak has a clear difference in quality and flavor, plus usually you get much better prepared, but I've not had great experiences at a Ruth Chris so fuck em.
 
Culex

Culex

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Oct 29, 2017
6,844
Not surprised about the corporate grift.

seriously, though....go to Texas Roadhouse instead. 20 dollar steaks(or cheaper), which are consistently great, with sides and beer.
 
bionic77

bionic77

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Oct 25, 2017
30,895
Empyrean Cocytus said:
Ruth Chris isn't even that good, why am I going to pay $100 for the same quality steak I can get at Outback for a fifth of the price - plus it comes with sides.
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I don't like Ruth Chris but thats not true.

I do agree that they are overpriced and steak is one thing that people should definitely just make at home the way they like it (even if its well done with ketchup).
 
shadowsdarknes

shadowsdarknes

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Oct 30, 2017
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I really wish direct payments to individuals and expanded unemployment benefits were negotiated in a separate bill from business relief.

As much as I can feel for the workers of large restaurant and hotel chains, these companies going under are far less problematic than the plethora of small businesses that will fold because funds will run dry for the PPP.
 
Commedieu

Commedieu

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Nov 11, 2017
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thesoapster said:
Meanwhile no actual small businesses in my town are getting shit.
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It was funny to watch ma and pops or real small businesses be the image of this. And yet.. none of them got any.


I hope everyone learns the usual lesson that's never learned from this.

It needs to be burned down. You don't have a seat at the table. There is a huge difference between millionares and the rest of the public. They get everything. We get nothing but barely scraps.
 
Angelus Errare

Angelus Errare

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Oct 25, 2017
5,582
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entremet said:
After 08, this was bound to happen again. Socialism for the rich. Rugged individualism for everyone else. I'm talking in the context of the companies here. Ruth Chris could weather this storm much better than most small businesses.
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The country keeps repeating the same actions over and over again and are still shocked when things turn out this way but swears no other way will work.
 
Calamari41

Calamari41

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Oct 25, 2017
7,109
Blame the banks.

The SBA was turning these loans over within a day.

The banks are the ones who got the applications in and started cherry picking which ones they wanted to submit to the SBA.
 
Richiek

Richiek

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Nov 2, 2017
12,063
I remember hearing commericals for Ruth's Chris Steakhouse on WFAN back in the day. Did they still advertise with them?
 
Dragonborn

Dragonborn

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Oct 30, 2017
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I was able to get a loan from them, thankfully. So I'll be able to keep my staff on board throughout the pandemic without having to make any cuts... assuming things go back to some sense of normality in the next half a year.

Various clients of mine were also able to get theirs, but we had prepared and applied the day it was available.

I found that the people with a directly line to their business banker had the easiest time by far. It was a convoluted and messy affair. If you weren't prepared day 1 or if you were unlucky enough to have a bank branch that moved slow you basically got screwed
 
DanGo

DanGo

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Oct 25, 2017
6,749
prophetvx said:
Oh I'm not defending it, I'm just saying the numbers are a little understandable. As a portion of the of the economy, SMB's would dominate everywhere but the coastal states, those numbers seem to reflect that.
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Umm, am I missing something in your argument? The chart is already eliminating large businesses. It's only figuring in payrolls that would be eligible for this program.
 
prophetvx

prophetvx

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Nov 28, 2017
5,345
DanGo said:
Umm, am I missing something in your argument? The chart is already eliminating large businesses. It's only figuring in payrolls that would be eligible for this program.
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A farm in Ohio may only have 5 employees, while a restaurant in California could have 40. Any loan amount would cover that smaller company as a proportion of payroll than it would for that 50 person business.

I should have been clearer in my post but it's reasonable to believe on average in a larger economy your average small business size is still larger than your average small business in rural America.

I'm sure the fact that banks are servicing far fewer clients in those areas also plays a major part in the disparity as well, nor does every small business require assistance and rural areas typically run on far thinner margins. Also the type of industries would play a major part, hospitality based businesses are far less likely to maintain payroll given the climate than agriculture or factories for example.
 
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GungHo

GungHo

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Nov 27, 2017
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Those little bread crumb shavers require a lot of maintenance.

Dark1x said:
That name still throws me for a loop. It messes with logic.

"Ruth's Chris Steak House" - it's a Chris Steak House owned by Ruth? Is Chris the son of Ruth and this is Chris's Steak House?
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The former. Chris Steak House was started in New Orleans by Chris Mautilch. Eventually, the restaurant was bought out by Ruth Fertel. The original burned down in 1976. She opened another one nearby called Ruth's Chris Steak House and it blew up from there.

cagey said:
Ruth's Chris is that large of a company?

My fellow Americans have terrible fucking taste.
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Ruth's Hospitality is a conglomerate of over 100 steakhouses. They're not as big as Landry's or Darden, but they're playing in the same lane as Del Frisco and Real Mex.

Hiphopopotamus said:
Ok, haven't been there in at least a decade. I couldn't be the only person who found that to be odd and kinda gross
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It was a hell of a lot of fun for foreigners. All the folks in the Brazil office were calling me Mr Peanuts because I would take every group to there or Logan's every time they were in town.
 
WedgeX

WedgeX

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Oct 27, 2017
13,228
Remember when people were complaining that Pelosi "wasn't moving fast enough" on this bill?

This is why pressuring legislators to rush through the passage of bills is horrendously stupid.

Language gets snuck in or overlooked and no one has the time to review or vet everything.
 
Hiphopopotamus

Hiphopopotamus

Banned
Oct 27, 2017
7,885
GungHo said:
It was a hell of a lot of fun for foreigners. All the folks in the Brazil office were calling me Mr Peanuts because I would take every group to there or Logan's every time they were in town.
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Should have taken them to Medieval Times, at least they could get giant turkey legs

Turkey legs>>>Peanut shells
 
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