Exhibit 12

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

|                                                             |                                                 |                     |       |       |       |       |       |       |       |       |       | Three
Months
Ended
March 31,
2002
|------------------------------------------------------------ | ----------------------------------------------- | ------------------- | ----- | ----- | ----- | ----- | ----- | ----- | ----- | ----- | ----- | ---------------------------------
|
|
|Earnings:                                                    |                                                 |                     |       |       |       |       |       |       |       |       |       |                                  
|                                                             | Income (loss) before provision for income
taxes |                     | $     | 661   |       | $     | 601   |       | $     | 954   |       | $                                
|Add: Fixed Charges                                           |                                                 |                     |       |       |       |       |       |       |       |       |       |                                  
|                                                             | Interest expense (gross)                        |                     |       | 4,012 |       |       | 4,501 |       |       | 4,840 |       |                                  
|                                                             | Interest factor in rents                        |                     |       | 29    |       |       | 39    |       |       | 53    |       |                                  
|                                                             |                                                 |                     |       |       |       |       |       |       |       |       |       |                                  
|                                                             |                                                 | Total fixed charges |       |       | 4,041 |       |       | 4,540 |       |       | 4,893 |                                  
|                                                             |                                                 |                     |       |       |       |       |       |       |       |       |       |                                  
|Earnings before fixed charges and provision for income taxes |                                                 | $                   | 4,702 |       | $     | 5,141 |       | $     | 5,847 |       | $     | 6,716                            
|                                                             |                                                 |                     |       |       |       |       |       |       |       |       |       |                                  
|Ratio of earnings to fixed charges                           |                                                 |                     | 1.16  |       |       | 1.13  |       |       | 1.19  |       |       | 0.82                             
|                                                             |                                                 |                     |       |       |       |       |       |       |       |       |       |                                  

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