Exhibit 12.1

CREDIT SUISSE FIRST BOSTON (USA), INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(In thousands, except for ratio)

|                                                             |                                                 | For the Years Ended |           | For the Quarter
Ended
March 31,
|------------------------------------------------------------ | ----------------------------------------------- | ------------------- | --------- | -------------------------------
|
|Earnings:                                                    |                                                 |                     |           |                                
|                                                             | Income (loss) before provision for income taxes |                     | $         | 473,800                        
|Add: Fixed Charges                                           |                                                 |                     |           |                                
|                                                             | Interest expense (gross)                        |                     |           | 2,865,800                      
|                                                             | Interest factor in rents                        |                     |           | 25,515                         
|                                                             |                                                 |                     |           |                                
|                                                             | Total fixed charges                             |                     |           | 2,891,315                      
|Add: Preferred dividends                                     |                                                 |                     | 18,653    |                                
|                                                             | Combined fixed charges and preferred dividends  |                     |           | 2,909,968                      
|Earnings before fixed charges and provision for income taxes |                                                 | $                   | 3,365,115 |                                
|                                                             |                                                 |                     |           |                                
|Ratio of earnings to fixed charges and preferred dividends   |                                                 |                     | 1.16      |                                
|                                                             |                                                 |                     |           |                                

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

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CREDIT SUISSE FIRST BOSTON (USA), INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio)

|                                                             |                                                 | For the Years Ended |           | For the Quarter
Ended
March 31,
|------------------------------------------------------------ | ----------------------------------------------- | ------------------- | --------- | -------------------------------
|
|Earnings:                                                    |                                                 |                     |           |                                
|                                                             | Income (loss) before provision for income taxes |                     | $         | 473,800                        
|Add: Fixed Charges                                           |                                                 |                     |           |                                
|                                                             | Interest expense (gross)                        |                     |           | 2,865,800                      
|                                                             | Interest factor in rents                        |                     |           | 25,515                         
|                                                             |                                                 |                     |           |                                
|                                                             | Total fixed charges                             |                     |           | 2,891,315                      
|Earnings before fixed charges and provision for income taxes |                                                 | $                   | 3,365,115 |                                
|                                                             |                                                 |                     |           |                                
|Ratio of earnings to fixed charges                           |                                                 |                     | 1.16      |                                
|                                                             |                                                 |                     |           |                                

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(1)  The
dollar amount of the deficiency in the ratio of earnings to fixed charges was $1,522,164 for the year ended December 31, 2000.

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