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  
    Months Ended  
    April 1,     March 26,  
    2005     2004  
Pre-tax earnings(a)
   $ 1,592     $ 1,591  
 
                
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     4,312       1,947  
 
            
Pre-tax earnings before fixed charges
     5,904       3,538  
 
            
 
                
Fixed charges:
                
Interest
     4,260       1,898  
Other(b)
     52       49  
 
            
Total fixed charges
     4,312       1,947  
 
            
Preferred stock dividend requirements
     10       13  
 
            
Total combined fixed charges and preferred stock dividends
   $ 4,322     $ 1,960  
 
            
 
                
Ratio of earnings to fixed charges
     1.37       1.82  
 
                
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.37       1.81  
 
(a)   Excludes undistributed earnings from equity investments.
(b)   Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs and preferred security dividend requirements of subsidiaries.