EXHIBIT 21
----------
SUBSIDIARIES OF REGISTRANT
--------------------------
Jurisdiction of
Incorporation
Subsidiary or Organization
---------- ---------------
Battery Park Capital Corp.
BS Agency GP Capital Inc. Delaware
Bear Stearns (Israel), Inc. Delaware
Bear Stearns Acquisition Corp. Delaware
Bear Stearns Acquisition IX, Inc. Delaware
Bear Stearns Acquisition II, Inc. Delaware
Bear Stearns Acquisition Corporation IV Delaware
CDG Holdings, Inc. Massachusetts
Cambridge Dry Goods Co. Inc. Massachusetts
Bear Stearns Acquisition V, Inc. Delaware
Bear Stearns Acquisition Corporation VII Delaware
Bear Stearns Acquisition Corporation XI Delaware
Sure Fit Holdings, Inc. Delaware
Bear Stearns Acquisition XII, Inc. Delaware
Monetary Management Holdings, Inc. Delaware
Bear Stearns Acquisition XIV, Inc. Delaware
Bear Stearns Argentina Inc. Delaware
Bear Stearns Asset Backed Investors Corp. Delaware
Bear Stearns Capital Markets Inc. Delaware
Bear Stearns Fiduciary Services, Inc. Delaware
Bear Stearns Forex Inc. Delaware
Bear Stearns Funds Management Inc. New York
NYFS04...:\25\22625\0110\7120\EXH91994.Y90
Jurisdiction of
Incorporation
Subsidiary or Organization
---------- ---------------
Bear Stearns FLLC Corp. Delaware
Bear Stearns Finance LLC Cayman Islands
Bear Stearns Government Securities, Inc. New York
Bear Stearns Global Asset Holdings, Ltd. Cayman Islands
Bear Stearns Government Product Corp. Delaware
Bear Stearns Global Equity Derivatives Inc. Delaware
Bear Stearns Global Investors Inc. New York
Bear Stearns Finance S.A. France
CLBS Titrisation S.A. France
ABC Gestion France
Bear Stearns Holdings Limited United Kingdom
Bear, Stearns International Limited United Kingdom
Bear Stearns U.K. Limited United Kingdom
Bear Stearns International Trading Limited United Kingdom
Bear Stearns Oil Trading Limited United Kingdom
Bear Stearns China SPC, Inc. Delaware
BSCP Cayman, Inc. Cayman Islands
Bear Stearns China L.P. Cayman Islands
L.P.
Bear Stearns China Direct Cayman Islands
Investment Fund L.P. L.P.
Bear, Stearns Insurance Agency Incorporated Massachusetts
Bear Stearns Insurance Agency of California, California
Incorporated
Bear, Stearns International Holdings Inc. New York
Bear Stearns Hong Kong Limited Hong Kong
Jurisdiction of
Incorporation
Subsidiary or Organization
---------- ---------------
Bear Stearns Asia Limited Hong Kong
Bear Stearns Investment Advisors Inc. Delaware
Bear Stearns Mortgage Capital Corporation Delaware
Bear, Stearns Funding, Inc. Delaware
Bear, Stearns Mortgage Securities Inc. Delaware
Bear Stearns Municipal Capital Markets Delaware
Bear Stearns N.Y., Inc. New York
Bear, Stearns Netherlands Holding B.V. Netherlands
Bear Stearns Jahangir Siddiqui Ltd. Pakistan j.v.
(< 30%)
Bear Stearns Bank GmbH Germany
Bear Stearns Securities Administration Corporation Delaware
Bear Stearns Real Estate Group Inc. New York
Bear, Stearns Realty Investors, Inc. Delaware
Bear Stearns Realty Partners Corporation Delaware
Bear Stearns Realty Partners Delaware L.P.
Apartment Fund I LP (GP)
Bear Stearns Realty Inc. Texas
Bear Stearns Secured Investors Inc. Delaware
Bear Stearns Secured Investors Inc. II Delaware
Bear Stearns Spanish Securitization Corp. Delaware
Bear Stearns Structured Products Corp. Delaware
Bear, Stearns & Co. Inc. Delaware
Bear Stearns & Co. L.P. Delaware L.P.
Bear, Stearns Government Securities, Inc. New York
Jurisdiction of
Incorporation
Subsidiary or Organization
---------- ---------------
Bear, Stearns N.V. Netherlands
Antilles
CMC Commercial Assets Corporation New York
Bear, Stearns Commercial Delaware
Mortgage Securities Inc.
Bear Tel Corp. Delaware
BS Fund America 1993-C GP Capital Inc. Delaware
BS Fund America 1993-D GP Capital Inc. Delaware
BSC Hotel Capital Corporation New York
BSC Service Corp. Delaware
Custodial Trust Company New Jersey
CTC Services, Inc. New York
Custrust New Jersey
G.P.
Bear Stearns Investment Advisors Inc. Delaware
Street Pricing Service New York G.P.
EMC Mortgage Corporation Delaware
EMC Funding Corporation Delaware
EMC Funding Corporation Two Delaware
EMCGP Capital Inc. Delaware
EMC Residential Mortgage Corporation Delaware
ISB Real Estate Corporation Delaware
Bear Stearns Park Avenue Trading Corporation Delaware
Bear Stearns Global Investors Inc. New York
Sloate, Weisman, Bear, Stearns Capital Delaware
Management, Inc.
MAX Recovery Inc. Delaware
Jurisdiction of
Incorporation
Subsidiary or Organization
---------- ---------------
Bear Stearns Philippines Ltd. Delaware
Bear Stearns State Asia, Inc. Philippines
Bear Stearns Investment Advisors Inc. Delaware
Street Pricing Service New York
Partnership
BSMSI 1993-12 Reserve Fund Corp. Delaware
BSTE Funding I Inc. Delaware
BSTE Funding II Inc. Delaware
BSTE Funding III Inc. Delaware
Thanksgiving Properties, Inc. Texas
Blaylock & Co. L.P. (25% owned) Delaware
Subsidiaries or Indirect Subsidiaries of
Bear, Stearns & Co. Inc.
------------------------
Jurisdiction of
Incorporation
Subsidiary or Organization
---------- ---------------
Bear, Stearns Securities Corp. Delaware
Common Back Office, Inc. Delaware
BSC Securities Corp. New York
Bear Stearns S.A. France
Bear Specialist, Inc. New York
Bear Stearns American Specialist Inc. New York
Bear, Stearns Benefits Planning Group Inc. New York
Bear Stearns Benefits Planning Group New York L.P.
B.S.C. Nominee Corp. New York
Brokers' Soft Dollar, Inc. New York
Autobond Inc. New York
Bear Stearns Global Asset Trading, Ltd. Cayman Islands
Bear Stearns (Japan), Ltd. Delaware