Shearson Takes Pretax Charge: Shearson Lehman Hutton...
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Shearson Takes Pretax Charge: Shearson Lehman Hutton Holdings Inc. will recognize a $35.2-million pretax charge in the first quarter from a reduction in the carrying value of MCorp securities that the firm owns. In the year-ago quarter ended March 31, Shearson reported net income of $75 million on revenue of $2.48 billion. MCorp filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 31, and federal banking regulators declared 20 of MCorp’s 25 banks insolvent, effective March 29.
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