**Exhibit 12**

**CREDIT SUISSE(USA), INC. AND SUBSIDIARIESSTATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(Unaudited)(In millions, except for ratio)**

| ** **                                                    | ** ** | **For the  Three  Months  Ended  March 31,** | ** ** | **For the Year Ended**December 31, | ** ** |
|---------------------------------------------------------------|------------|--------------------------------------------------------|------------|--------------------------------------------------------|------------|
| ** **                                                    | ** ** | **2006**                                               | ** ** | **2005**                                               | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** |
| Earnings:                                                     |       |                                                   |       |                                                   |       |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before provision for income taxes(1)            |       |                                                   | $          | 1,397                                                  |       |   | $ | 1,141 |   | $ | 1,826 |   | $ | 569 |   | $ | (481 | ) | $ | (464 | ) |
| Add: Fixed Charges                                            |       |                                                   |       |                                                   |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense (gross)                                      |       |                                                   | 3,788      |                                                   |       | 10,996 |   | 5,731 |   | 4,447 |   | 5,436 |   | 9,923 |   |
| Interest factor in rents                                      |       |                                                   | 40         |                                                   |       | 168 |   | 161 |   | 159 |   | 167 |   | 187 |   |
| Total fixed charges from continuing operations           |       |                                                   | 3,828      |                                                   |       | 11,164 |   | 5,892 |   | 4,606 |   | 5,603 |   | 10,110 |   |
| Subtract: Minority interests(2)                               |       |                                                   | 943        |                                                   |       | 959 |   | 642 |   | — |   | — |   | — |   |
| Earnings before fixed charges and provision for  income taxes |       |                                                   | $          | 4,282                                                  |       |   | $ | 11,346 |   | $ | 7,076 |   | $ | 5,175 |   | $ | 5,122 |   | $ | 9,646 |   |
| Ratio of earnings  to fixed charges                           |       |                                                   | 1.12       |                                                   |       | 1.02 |   | 1.20 |   | 1.12 |   | 0.91 | (3) | 0.95 | (4) |

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(1)                Income (loss) fromcontinuing operations before provision (benefit) for income taxes, minorityinterests, discontinued operations and cumulative effect of change inaccounting principle.

(2)                Related to theCompany’s consolidation of certain private equity funds.

(3)                The dollar amountof the deficiency in the ratio of earnings to fixed charges was $481 millionfor the year ended December 31, 2002.

(4)                The dollar amountof the deficiency in the ratio of earnings to fixed charges was $464 millionfor the year ended December 31, 2001.

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