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 Six  
    Months Ended     Months Ended  
    July 1,     June 25,     July 1,     June 25,  
    2005     2004     2005     2004  
 
Pre-tax earnings(a)
   $ 1,504     $ 1,293     $ 3,096     $ 2,884  
 
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     4,921       2,121       9,233       4,068  
 
                        
Pre-tax earnings before fixed charges
     6,425       3,414       12,329       6,952  
 
                        
 
Fixed charges:
                                
Interest
     4,870       2,076       9,130       3,974  
Other(b)
     51       45       103       94  
 
                        
Total fixed charges
     4,921       2,121       9,233       4,068  
 
                        
Preferred stock dividend requirements
     23       12       33       25  
 
                        
Total combined fixed charges and preferred stock dividends
   $ 4,944     $ 2,133     $ 9,266     $ 4,093  
 
                        
 
Ratio of earnings to fixed charges
     1.31       1.61       1.34       1.71  
 
                                
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.30       1.60       1.33       1.70  
 
(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.