SEC Form 4

FORM 4
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b). UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person^* Spector, Warren     J. (Last)                      (First)                      (Middle) c/o Bear, Stearns & Co. Inc. 383 Madison Avenue (Street) New York, NY     10179 (City)                      (State)                      (Zip) U.S.A. 2. Issuer Name and Ticker
    or Trading Symbol
The Bear Stearns Companies Inc.   BSC 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary) 4. Statement for
    (Month/Year)
    September 2002
5. If Amendment,
    Date of Original
    (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
           X          Director                           10% Owner            X          Officer                             Other
Officer/Other Description           Co-President, Co-Chief Operating Officer 7. Individual or Joint/Group
    Filing (Check Applicable Line)
X   Individual Filing       Joint/Group Filing

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
    (Instr. 3)
2. Transaction Date
    (Month/Day/Year) 3. Transaction
    Code
    and
    Voluntary
    Code
    (Instr. 8)

Code  |  V     4. Securities Acquired (A) or Disposed (D) Of
    (Instr. 3, 4, and 5)



        Amount      |         A/D         |         Price           5. Amount of
    Securities
    Beneficially
    Owned at
    End ofMonth

    (Instr. 3 and 4) 6. Owner-
    ship
    Form:
    Direct(D)
    or
    Indirect (I)

    (Instr. 4) 7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

(over)
SEC 1474 (3-99)

Spector, Warren J. - September 2002

Form 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)	2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security	3. Transaction     Date     (Month/     Day/     Year)	4. Transaction     Code     and     Voluntary (V)     Code     (Instr.8) Code | V	5. Number of Derivative     Securities Acquired (A)     or Disposed (D) Of     (Instr. 3,4 and 5)	6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)   (DE)     |     (ED)	7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)	8. Price     of     Derivative     Security     (Instr.5)	9. Number of     Derivative     Securities     Beneficially     Owned     at End of     Month     (Instr.4)	10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I)	11. Nature of       Indirect       Beneficial       Ownership       (Instr.4)
Forward Purchase Contract (Obligation to Sell)	$0.0000 (1)	09/03/2002	J (1) |	(D) 480,430 (1)	11/26/2002 (1) | 11/26/2002 (1)	Common Stock (1) - 480,430 (1)	(1)	0	D

Explanation of Responses :

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. By: Warren J. Spector
________________________________         __________________
** Signature of Reporting Person                         Date

Power of Attorney

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SEC 1474 (3-99)

Spector, Warren J. - September 2002

Form 4 (continued)

FOOTNOTE Descriptions for The Bear Stearns Companies Inc. BSC

Form 4 - September 2002

Warren J. Spector
c/o Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, NY 10179

Explanation of responses:

(1)   On September 3, 2002, the Reporting Person entered into a forward contract pursuant to the CAP Plan with The Bear Stearns Companies Inc. (BSC) in which the Reporting Person agreed to sell up to, and including, 480,430 common shares of BSC issuable upon settlement of CAP Units pursuant to the CAP Plan to BSC. The forward contract will settle on November 26, 2002. The per share purchase price will be the average of the closing prices of the common stock of BSC on the New York Stock Exchange (NYSE) on each day that BSC common stock trades between $55 and $75 per share commencing on September 3, 2002 through and including November 25, 2002 (the Included Days). The number of BSC common shares purchased by BSC pursuant to the forward contract will be a fraction, the numerator of which will be the number of Included Days and the denominator of which will be the number of days the NYSE opens for trading commencing September 3, 2002 through and including November 25, 2002, multiplied by 480,430.

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