**Exhibit      12**

**CREDIT      SUISSE (USA), INC. AND SUBSIDIARIES**

**STATEMENT      RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES**

**(Unaudited)**

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

|                                                                                                |   |                                                        |   | **For                  the Year Ended December 31,** |   |
|-----------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                                                                |   | **For                  the Six Months Ended June 30, 2006** |   | **2005**                                             |   | **2004** |   |  **2003** |   | **2002** |   | **2001** |   |
| Earnings:                                                                                           |   |                                                        |   |                                                 |   |   |   |   |   |   |   |   |   |
| Income                  (loss) before provision (benefit) for income taxes(1)                  |   | $                                                           | 2,761  |                                                 | $      | 1,141 |   | $ | 1,826 |   | $ | 569 |   | $ | (481 | ) | $ | (464 | ) |
| Add:                  Fixed Charges                                                                 |   |                                                        |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                  expense (gross)                                                           |   |                                                        | 8,208  |                                                 |   | 10,996 |   |   | 5,731 |   |   | 4,447 |   |   | 5,436 |   |   | 9,923 |   |
| Interest                  factor in rents                                                           |   |                                                        | 86     |                                                 |   | 168 |   |   | 161 |   |   | 159 |   |   | 167 |   |   | 187 |   |
|                                                                                                |   |                                                        |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  fixed charges from continuing operations                                     |   |                                                        | 8,294  |                                                 |   | 11,164 |   |   | 5,892 |   |   | 4,606 |   |   | 5,603 |   |   | 10,110 |   |
|                                                                                                |   |                                                        |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subtract:                  Minority interests (2)                                                   |   |                                                        | 1,576  |                                                 |   | 959 |   |   | 642 |   |   | ― |   |   | ― |   |   | ― |   |
|                                                                                                |   |                                                        |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings                  before fixed charges and provision for                  income taxes |   | $                                                           | 9,479  |                                                 | $      | 11,346 |   | $ | 7,076 |   | $ | 5,175 |   | $ | 5,122 |   | $ | 9,646 |   |
|                                                                                                |   |                                                        |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio                  of earnings to fixed charges                                                 |   |                                                        | 1.14   |                                                 |   | 1.02 |   |   | 1.20 |   |   | 1.12 |   |   | 0.91(3 | ) |   | 0.95(4 | ) |

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| (1) | Income                (loss) from continuing operations before provision (benefit) for                income                taxes, minority interests, discontinued operations and cumulative                effect                of change in accounting principle. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Related                to the Company’s consolidation of certain private equity                funds. |
|-----|-------------------------------------------------------------------------------------------------------------|

| (3) | The                dollar amount of the deficiency in the ratio of earnings to fixed                charges                was $481 million for the year ended December 31,                2002. |
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| (4) | The                dollar amount of the deficiency in the ratio of earnings to fixed                charges                was $464 million for the year ended December 31,                2001. |
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