Exhibit 12

MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in millions)

                                 
    For the Three   For the Nine
    Months Ended   Months Ended
    Sept. 24,     Sept. 26,     Sept. 24,     Sept. 26,  
    2004     2003(a)     2004     2003(a)  
 
Pre-tax earnings(b)
   $ 1,050     $ 1,298     $ 3,949     $ 3,580  

Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)

     2,793       1,896       6,851       6,141  
 
                        
Pre-tax earnings before fixed charges
     3,843       3,194       10,800       9,721  
 
                        

Fixed charges:

                                
Interest
     2,746       1,847       6,710       5,994  
Other(c)
     47       49       141       147  
 
                        
Total fixed charges
     2,793       1,896       6,851       6,141  
 
                        
Preferred stock dividend requirements
     13       13       38       40  
 
                        
Total combined fixed charges and preferred stock dividends
   $ 2,806     $ 1,909     $ 6,889     $ 6,181  
 
                        
Ratio of earnings to fixed charges
     1.38       1.68       1.58       1.58  

Ratio of earnings to combined fixed charges and preferred stock dividends

     1.37       1.67       1.57       1.57  
 
(a)   Prior period amounts have been restated to reflect the retroactive adoption of the fair value recognition provisions of SFAS No. 123, Accounting for Stock-Based Compensation, as discussed in Note 2.
(b)   Excludes undistributed earnings (loss) from equity investees.
(c)   Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs and preferred security dividend requirements of subsidiaries.