**Exhibit 12**

**CREDITSUISSE (USA), INC. AND SUBSIDIARIES**

**STATEMENTRE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES**

**(Unaudited)**

**(Inmillions, except for ratio)**

 
| ** **                                                    | ** ** | **For the  Nine  Months  Ended** | ** ** | ** **                            | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|---------------------------------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|
| ** **                                                    | ** ** | **September**                         | ** ** | **For the Year Ended** | ** ** |
| ** **                                                    | ** ** | **30,**                               | ** ** | **December 31,**                 | ** ** |
| ** **                                                    | ** ** | **2006**                              | ** ** | **2005**                              | ** ** | **2004**   | ** ** | **2003**   | ** ** | **2002**   | ** ** | **2001**   | ** ** |
| Earnings:                                                     |       |                                  |       |                                  |       |       |       |       |       |       |       |       |       |
| Income (loss)  before provision (benefit) for income taxes(1) |       | $                                     | 3,464      |                                  | $          | 1,141      |       | $          | 1,826      |       | $          | 569        |       | $ | (481 | ) | $ | (464 | ) |
| Add: Fixed Charges                                            |       |                                  |       |                                  |       |       |       |       |       |       |       |       |       |
| Interest expense  (gross)                                     |       | 12,792                                |       | 10,996                                |       | 5,731      |       | 4,447      |       | 5,436      |       | 9,923      |       |
| Interest factor  in rents                                     |       | 134                                   |       | 168                                   |       | 161        |       | 159        |       | 167        |       | 187        |       |
|                                                          |       |                                  |       |                                  |       |       |       |       |       |       |       |       |       |
| Total fixed  charges from continuing operations               |       | 12,926                                |       | 11,164                                |       | 5,892      |       | 4,606      |       | 5,603      |       | 10,110     |       |
|                                                          |       |                                  |       |                                  |       |       |       |       |       |       |       |       |       |
| Subtract: Minority  interests (2)                             |       | 1,989                                 |       | 959                                   |       | 642        |       | —     |       | —     |       | —     |       |
|                                                          |       |                                  |       |                                  |       |       |       |       |       |       |       |       |       |
| Earnings before  fixed charges and provision for income taxes |       | $                                     | 14,401     |                                  | $          | 11,346     |       | $          | 7,076      |       | $          | 5,175      |       | $ | 5,122 |   | $ | 9,646 |   |
|                                                          |       |                                  |       |                                  |       |       |       |       |       |       |       |       |       |
| Ratio of earnings to fixed charges                            |       | 1.11                                  |       | 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 inaccounting principle.

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

(3)                     The dollar amount of the deficiency in the ratio of earnings to fixedcharges was $481 million for the year ended December 31, 2002.

(4)                     Thedollar 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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