EXHIBIT 8(a)


               [Letter head of Cadwalader, Wickersham & Taft LLP]



November 5, 2004


The Bear Stearns Companies Inc.
383 Madison Avenue
New York, New York  10179

Gentlemen:

We have acted as special counsel to The Bear Stearns Companies Inc., a Delaware
corporation (the "Company"), in connection with the preparation of the Pricing
Supplement No. 1, dated October 29, 2004 (the "Pricing Supplement"), to the
Prospectus Supplement, dated November 17, 2003 (the "Prospectus Supplement") and
the Prospectus, dated November 17, 2003 (the "Prospectus"), relating to
$25,474,000 principal amount of Medium-Term Notes, Series B, Strategic Upside
Market Mitigating Index Term Securities, Linked to the Dow Jones Industrial
Average(SM) Due May 5, 2010 (the "Notes"). The Prospectus, Prospectus Supplement
and Pricing Supplement are included in the Registration Statement on Form S-3
(Registration No. 333-109793) (the "Registration Statement") filed with the
Securities and Exchange Commission (the "Commission") pursuant to the Securities
Act of 1933, as amended (the "Securities Act"), to which this letter is an
exhibit.

In rendering the opinions set forth below, we have examined and relied upon,
among other things, (a) the Registration Statement, including the Prospectus,
Prospectus Supplement and Pricing Supplement constituting a part thereof, (b)
the Indenture, dated as of May 31, 1991, as supplemented by the First
Supplemental Indenture, dated as of January 29, 1998 (as supplemented, the
"Indenture"), between the Company and JPMorgan Chase Bank (formerly, The Chase
Manhattan Bank), as Trustee, filed as an exhibit to the Registration Statement,
(c) the form of Note filed as an exhibit to the Registration Statement and (d)
originals, copies or specimens, certified or otherwise identified to our
satisfaction, of such certificates, corporate and public records, agreements and
instruments and other documents as we have deemed appropriate as a basis for the
opinions expressed below. In such examination we have assumed the genuineness of
all signatures, the authenticity of all documents, agreements and instruments
submitted to us as originals, the conformity to original documents, agreements
and instruments of all documents, agreements and instruments submitted to us as
copies or specimens, the authenticity of the originals of such documents,
agreements and instruments submitted to us as copies or specimens, the
conformity of the text of each document filed with the Commission through the
Commission's Electronic Data Gathering, Analysis and Retrieval System to the
printed document reviewed by us and the accuracy of the matters set forth in the
documents, agreements and instruments we reviewed. We have further assumed that
all statements, facts, representations and covenants made therein are and remain
true (without regard to any





The Bear Stearns Companies Inc.       -2-                       November 5, 2004


qualifications stated therein and without undertaking to verify such statements,
facts and representations by independent investigation), that the respective
parties thereto and all parties referred to therein will act in all respects at
all relevant times in conformity with the requirements and provisions of such
documents, and that none of the terms and conditions contained therein has been
or will be waived or modified in any respect. As to matters of fact relevant to
the opinions expressed herein, we have relied upon, and assumed the accuracy of,
the representations and warranties in certificates and oral or written
statements and other information obtained from the Company, and the other
parties to the transaction referenced herein, and public officials. Except as
expressly set forth herein, we have not undertaken any independent investigation
(including, without limitation, conducting any review, search or investigation
of any public files, records or dockets) to determine the existence or absence
of the facts that are material to our opinions, and no inference as to our
knowledge concerning such facts should be drawn from our reliance on the
representations of the Company and others in connection with the preparation and
delivery of this letter. In addition, we have assumed that the Notes will be
executed and delivered in substantially the form in which they are filed as an
exhibit to the Registration Statement.

We express no opinion concerning the laws of any jurisdiction other than the
federal laws of the United States of America.

Based upon and subject to the qualifications set forth herein, we are of the
opinion that:

1.    The statements made in the Pricing Supplement, under the caption "Certain
      US Federal Income Tax Considerations", to the extent such statements
      summarize material federal tax consequences of the purchase, beneficial
      ownership and disposition of the Notes to the holders thereof described
      therein, are correct in all material respects. All such statements are
      based upon current law, which is subject to change, possibly with
      retroactive effect. Further, there can be no assurance that the Internal
      Revenue Service will not take a contrary position.

We assume no obligation to update or supplement this letter to reflect any
facts, circumstances, laws, rules or regulations, or any changes thereto, or any
court or other authority or body decisions or governmental or regulatory
authority determinations which may hereafter occur or come to our attention.

We hereby consent to the filing of this letter as an exhibit to the Registration
Statement without admitting that we are "experts" within the meaning of the
Securities Act or the rules and regulations of the Commission issued thereunder
with respect to any part of the Registration Statement, including this exhibit.

Very truly yours,

/s/ Cadwalader, Wickersham & Taft LLP