**Exhibit 12**

**CREDIT SUISSE FIRST BOSTON (USA), INC. ANDSUBSIDIARIESSTATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(Unaudited)(In millions, except for ratio)**
| ** **                                                    | ** ** | **For the six  months** | ** ** | ** **                                             | ** ** |
|---------------------------------------------------------------|------------|-----------------------------------|------------|--------------------------------------------------------|------------|
| ** **                                                    | ** ** | **ended**                         | ** ** | **For the Year Ended**December 31, | ** ** |
| ** **                                                    | ** ** | **June 30,**                 | ** ** | ** **                                             |
| ** **                                                    | ** ** | **2004**                          | ** ** | **2003**                                               | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** | **1999** | ** ** |
| Earnings:                                                     |       |                              |       |                                                   |       |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before provision for income taxes(1)            |       |                              | $          | 1,132                                                  |       |   | $ | 569 |   | $ | (481 | ) | $ | (464 | ) | $ | (1,786 | ) | $ | 740 |   |
| Add: Fixed Charges                                            |       |                              |       |                                                   |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense (gross)                                      |       |                              | 2,471      |                                                   |       | 4,447 |   | 5,436 |   | 9,923 |   | 6,823 |   | 4,060 |   |
| Interest factor in rents                                      |       |                              | 77         |                                                   |       | 148 |   | 153 |   | 185 |   | 116 |   | 53 |   |
| Total fixed charges from continuing operations                |       |                              | 2,548      |                                                   |       | 4,595 |   | 5,589 |   | 10,108 |   | 6,939 |   | 4,113 |   |
| Subtract:                                                     |       |                              |       |                                                   |       |   |   |   |   |   |   |   |   |   |   |
| Minority interests(2)                                         |       |                              | 446        |                                                   |       | — |   | — |   | — |   | — |   | — |   |
| Earnings before fixed charges and provision for  income taxes |       |                              | $          | 3,234                                                  |       |   | $ | 5,164 |   | $ | 5,108 |   | $ | 9,644 |   | $ | 5,153 |   | $ | 4,853 |   |
| Ratio of earnings to  fixed charges                           |       |                              | 1.27       |                                                   |       | 1.12 |   | 0.91 | (3) | 0.95 | (4) | 0.74 | (5) | 1.18 |   |

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(1)                 Income (loss) from continuing operations beforeprovision (benefit) for income taxes, minority interests, discontinuedoperations, extraordinary items and cumulative effect of change in accountingprinciple.

(2)                 Related to the Company’s consolidation ofcertain private equity funds.

(3)                 The dollar amount of the deficiency in theratio of earnings to fixed charges was $481 million for the year ended December 31,2002.

(4)                 The dollar amount of the deficiency in theratio of earnings to fixed charges was $464 million for the year ended December 31,2001.

(5)                 The dollar amount of the deficiency in theratio of earnings to fixed charges was $1.8 billion for the year ended December 31,2000.

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