**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  June 30,** | ** ** | **For the Year Ended**December 31, | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------------------------|------------|--------------------------------------------------------|------------|
| ** **                                                    | ** ** | **2005**                                                | ** ** | **2004**                                               | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** |
| Earnings:                                                     | ** ** |                                                    | ** ** | ** **                                             |       | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Income (loss) before provision for income taxes(1)            |       |                                                    | $          | 11                                                     | ** ** |   | $ | 1,826 |   | $ | 569 |   | $ | (481 | ) | $ | (464 | ) | $ | (1,786 | ) |
| Add: Fixed Charges                                            |       |                                                    |       | ** **                                             |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense (gross)                                      |       |                                                    | 4,622      | ** **                                             |       | 5,731 |   | 4,447 |   | 5,436 |   | 9,923 |   | 6,823 |   |
| Interest factor in rents                                      |       |                                                    | 81         | ** **                                             |       | 161 |   | 159 |   | 167 |   | 187 |   | 104 |   |
| Total fixed charges from continuing operations                |       |                                                    | 4,703      | ** **                                             |       | 5,892 |   | 4,606 |   | 5,603 |   | 10,110 |   | 6,927 |   |
| Subtract: Minority interests(2)                               |       |                                                    | 458        | ** **                                             |       | 642 |   | — |   | — |   | — |   | — |   |
| Earnings before fixed charges and provision for  income taxes |       |                                                    | $          | 4,256                                                  | ** ** |   | $ | 7,076 |   | $ | 5,175 |   | $ | 5,122 |   | $ | 9,646 |   | $ | 5,141 |   |
| Ratio of earnings  to fixed charges                           |       |                                                    | 0.90       | (3)                                                    |       | 1.20 |   | 1.12 |   | 0.91 | (4) | 0.95 | (5) | 0.74 | (6) |

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(1)          Income (loss) fromcontinuing operations before provision (benefit) for income taxes, minorityinterests, discontinued operations, extraordinary items and cumulative effectof change in accounting principle.

(2)          Related to the Company’sconsolidation of certain private equity funds.

(3)          The dollar amount of thedeficiency in the ratio of earnings to fixed charges was $447 million forthe six months ended June 30, 2005.

(4)          The dollar amount of thedeficiency in the ratio of earnings to fixed charges was $481 million for theyear ended December 31, 2002.

(5)          The dollar amount of thedeficiency in the ratio of earnings to fixed charges was $464 million for theyear ended December 31, 2001.

(6)          The dollar amount of thedeficiency in the ratio of earnings to fixed charges was $1.8 billion for theyear ended December 31, 2000.

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