**Exhibit 12.1**

 

**CREDIT SUISSE FIRST BOSTON(USA), INC.**

**STATEMENT RE COMPUTATION OF RATIO OF EARNINGS**

**TO FIXEDCHARGES AND PREFERRED DIVIDENDS**

**(Unaudited)**

 

** (In thousands, except for ratio)**

 
|                                                          |   | **For the Years Ended** |      | **Nine Months Ended September 30** |   |
|---------------------------------------------------------------|--------|-------------------------|-----------|------------------------------------|--------|
|                                                          |   | **1996**                |      | **1997**                           |   | **1998** |   | **1999** |   | **2000** |   | **2001** |   |
| Earnings:                                                     |   |                    |      |                               |   |   |   |   |   |   |   |   |   |
| Income (loss) before  provision for income taxes              |   | $                       | 473,800   |                               | $      | 661,100 |   | $ | 600,500 |   | $ | 953,500 |   | $ | (1,522,164 | ) | $ | (48,524 | ) |
| Add: Fixed Charges                                            |   |                    |      |                               |   |   |   |   |   |   |   |   |   |
| Interest expense (gross)                                      |   | 2,865,800               |      | 4,012,209                          |   | 4,501,242 |   | 4,839,810 |   | 8,161,465 |   | 8,746,027 |   |
| Interest factor in rents                                      |   | 25,515                  |      | 29,351                             |   | 38,517 |   | 52,563 |   | 76,191 |   | 77,820 |   |
| Total fixed charges                                           |   | 2,891,315               |      | 4,041,560                          |   | 4,539,759 |   | 4,892,373 |   | 8,237,656 |   | 8,823,847 |   |
| Add: Preferred dividends                                      |   | 18,653                  |      | 12,144                             |   | 21,310 |   | 21,180 |   | 21,155 |   | 15,867 |   |
| Combined fixed charges and  preferred dividends               |   | 2,909,968               |      | 4,053,704                          |   | 4,561,069 |   | 4,913,553 |   | 8,258,811 |   | 8,839,714 |   |
| Earnings before fixed  charges and provision for income taxes |   | $                       | 3,365,115 |                               | $      | 4,702,660 |   | $ | 5,140,259 |   | $ | 5,845,873 |   | $ | 6,715,492 |   | $ | 8,775,323 |   |
| Ratio of earnings to fixed  charges and preferred dividends   |   | 1.16                    |      | 1.16                               |   | 1.13 |   | 1.19 |   | 0.81 | (1) | 0.99 | (2) |
|                                                               |        |                         |           |                                    |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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(1)           The dollar amount ofthe deficiency in the ratio of earnings to fixed charges and preferreddividends was $1,543,319 for the year ended December 31, 2000.

(2)           The dollar amount ofthe deficiency in the ratio of earnings to fixed charges and preferreddividends was $64,391 for the nine months ended September 30, 2001.