EXHIBIT 99.1
BEAR STEARNS
[GRAPHIC OMITTED]
                                                 The Bear Stearns Companies Inc.
                                                              383 Madison Avenue
                                                             New York, NY  10179
                                                              Tel (212) 272-2000
                                                             www.bearstearns.com


Contact:    Elizabeth Ventura       (212) 272-9251
            Kerri Kelly             (212) 272-2529


                    THE BEAR STEARNS COMPANIES INC. DECLARES
                          PREFERRED STOCK CASH DIVIDEND


New York, New York--December 15, 2003-- The Board of Directors of The Bear
Stearns Companies Inc. declared a quarterly cash dividend of 68.75 cents per
share on the outstanding shares of Adjustable Rate Cumulative Preferred Stock,
Series A, payable January 15, 2004 to stockholders of record on December 31,
2003. In addition, other regular dividends declared by the Board of Directors
include: (i) a cash dividend of $3.075 per share on the outstanding shares of
6.15% Cumulative Preferred Stock, Series E (which is equivalent to 76.875 cents
per related depositary share); (ii) a cash dividend of $2.86 per share on the
outstanding shares of 5.72% Cumulative Preferred Stock, Series F (which is
equivalent to 71.50 cents per related depositary share); and (iii) a cash
dividend of $2.745 per share on the outstanding shares of 5.49% Cumulative
Preferred Stock, Series G (which is equivalent to 68.625 cents per related
depositary share) all payable January 15, 2004 to stockholders of record on
December 31, 2003.

      Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent
company of Bear, Stearns & Co. Inc., a leading investment banking and securities
trading and brokerage firm. With approximately $34.4 billion in total capital,
Bear Stearns serves governments, corporations, institutions and individuals
worldwide. The company's business includes corporate finance and mergers and
acquisitions, institutional equities and fixed income sales, trading and
research, private client services, derivatives, foreign exchange and futures
sales and trading, asset management and custody services. Through Bear, Stearns
Securities Corp., it offers financing, securities lending, clearing and
technology solutions to hedge funds, broker-dealers and investment advisors.
Headquartered in New York City, the company has approximately 10,500 employees
worldwide. For additional information about Bear Stearns, please visit the
firm's Web site at http://www.bearstearns.com.