Bear Stearns Expands Public Finance Team.

NEW YORK--(BUSINESS WIRE)--Nov. 17, 1994--Bear, Stearns & Co. Inc., announced today that Frank McDonough has joined the firm's Public Finance Department in New York as a managing director. Mr. McDonough will cover major transportation issuers and general infrastructure clients and will report

Dan Keating stated, "Despite the industry making significant personnel reductions, Bear Stearns continues its commitment to growth. With the hiring of Frank, we continue our practice of selectively adding experienced senior professionals in order to better serve the larger, more sophisticated issuers."

Since 1987, Mr. McDonough has been with Goldman, Sachs & Co., where he was a vice president in the Municipal Bond Department specializing in transportation finance. He was also responsible for originating, developing and financing various privatized infrastructure projects. Mr. McDonough brings over 12 years experience in the municipal bond business to Bear Stearns. Previously, he was a managing director at James J. Lowery & Co. where he helped the start-up municipal financial advisory firm gain top national ranking. Mr. McDonough has a BA from Georgetown University and JD from St. Johns's Law School.

Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $5.7 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes asset management, corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, correspondent clearing, securities lending and custody services. Headquartered in New York City, the company has over 7,600 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and Washington, D.C.; and an international presence in Beijing, Buenos Aires, Frankfurt, Geneva, Hong Kong, Karachi, London, Madrid, Manila, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.

CONTACT: Bear Stearns

             Hannah Burns
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