EXHIBIT 12


                                                  THE BEAR STEARNS COMPANIES INC.
                                        COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                 (IN THOUSANDS, EXCEPT FOR RATIO)



                                  (Unaudited)                                                 Five Months
                               Six Months Ended                Fiscal Year Ended                Ended        Fiscal Year Ended
                           -----------------------   --------------------------------------   -----------  -----------------------
                             May 31,      May 31,    November 30, November 30,  November 30,  November 26,   June 30,     June 30,
                              2003         2002         2002          2001          2000          1999         1999         1998
                           ----------   ----------   ----------    ----------    ----------   ----------   ----------   ----------
Earnings before taxes on
   income                  $  853,329   $  792,979   $1,310,963    $  934,444    $1,171,523   $  453,592   $1,064,108   $1,063,492
                           ----------   ----------   ----------    ----------    ----------   ----------   ----------   ----------
Add:  Fixed Charges

      Interest                709,973      941,704    1,762,580     3,793,998     4,772,286    1,524,046    3,344,190    3,622,629
      Interest factor
       in rents                17,877       19,160       37,735        33,500        32,200       12,783       31,363       30,130
                           ----------   ----------   ----------    ----------    ----------   ----------   ----------   ----------
   Total fixed charges        727,850      960,864    1,800,315     3,827,498     4,804,486    1,536,829    3,375,553    3,652,759
                           ----------   ----------   ----------    ----------    ----------   ----------   ----------   ----------
Earnings before fixed
   charges and taxes on
   income                  $1,581,179   $1,753,843   $3,111,278    $4,761,942    $5,976,009   $1,990,421   $4,439,661   $4,716,251
                           ==========   ==========   ==========    ==========    ==========   ==========   ==========   ==========
Ratio of earnings to
   fixed charges                  2.2          1.8          1.7           1.2           1.2          1.3          1.3          1.3
                           ==========   ==========   ==========    ==========    ==========   ==========   ==========   ==========

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