Shearson Pulls the Plug: Shearson Lehman Hutton...

Shearson Pulls the Plug: Shearson Lehman Hutton Inc. halted its innovative plan to offer new securities called unbundled stock units, which were designed to resemble stocks and reduce tax burdens for companies. The decision came after the SEC ruled that the new units would be considered shares of stock for accounting purposes--thus removing one of the new product’s major advantages, Shearson said. The unbundled units, consisting of three securities that together approximate a share of common stock, were unveiled last December.