BEAR STEARNS ELECTS VINCENT TESE TO BOARD OF DIRECTORS.NEW YORK--(BUSINESS WIRE)--December 12, 1994--The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ) announced today that Vincent Tese has been elected to the company's board of directors, effective December 16, 1994. Mr. Tese has served the State of New York in the Cuomo Administration for the past 12 years, most recently as the Director of Economic Development. In 1983, Mr. Tese was appointed State Superintendent of Bank, and in 1985 Chairman and Chief Executive Officer of the Urban Development Corporation. During the Cuomo Administration, he also served as Commissioner of the Department of Economic Development and Chairman of the Science and Technology Foundation and the Job Development Authority. He was appointed a Commissioner of the Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c. in 1991 and elected its vice chairman in 1992. Chief Executive Officer James E. Cayne stated, "We are truly honored to have Vincent Tese join our board. He brings to Bear Stearns a wealth of business, legal and government experience and a record of outstanding accomplishments in each of those arenas." As the Director of Economic Development, Mr. Tese supervised the activities of 22 state agencies, departments, authorities and public benefit corporations. He directed the establishment of state economic development offices in Tokyo, Hong Kong, London, Frankfurt, Milan, Toronto, Jerusalem and Johannesburg. Under his leadership, the state's economic development policies and programs were twice rated the best in the nation by the Corporation for Enterprise Development in Washington. From 1973 to 1977, Mr. Tese was a partner in Tese & Tese and from 1977 to 1982 a partner in the Sinclair Group, a commodities trading and investment management firm. In 1976, he formed Cross Country Cable TV, a CATV (Community Antenna TV) The original name for cable TV. It used a single antenna at the highest location in the community in order to deliver a quality signal to homes in areas with hilly terrain or other interference. systems company. Currently he is chairman of Cross Country Wireless, also a CATV systems company. Mr. Tese holds a BA in accounting from Pace University, a JD from Brooklyn Law School History The school was founded in 1901 by William Payson Richardson and Norman Haffey. It opened with 18 students. The school is noted for its diversity. Photographs indicate that by 1909, African Americans and women attended the school. The school was affiliated with St. and an LLM LLM abbr. Latin Legum Magister (Master of Laws) LLM Master of Laws [Latin Legum Magister] Noun 1. in taxation from New York University New York University, mainly in New York City; coeducational; chartered 1831, opened 1832 as the Univ. of the City of New York, renamed 1896. It comprises 13 schools and colleges, maintaining 4 main centers (including the Medical Center) in the city, as well as the Law School. From 1966 to 1968 he served as a first lieutenant in the US Army. The Bear Stearns Companies Inc. is the parent company of Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading firm. With approximately $5.7 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 and trading, private client services, foreign exchange and future sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp. it offers professional and correspondent clearing, including securities lending. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has over 7,700 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 Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. , Hong Kong, Karachi, London, Madrid, Manila, Paris, Sao Paulo, Shanghai, Singapore and Tokyo. CONTACT: The Bear Stearns Companies Inc., New York
Hannah Burns, 212/272-2395
or Anne Graber, 212/272-8188
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