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. 30,     Sept. 24,     Sept. 30,     Sept. 24,  
    2005     2004(a)     2005     2004(a)  
 
Pre-tax earnings(b)
   $ 1,810     $ 1,054     $ 4,905     $ 3,938  
 
                                
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     5,714       2,786       15,082       6,881  
 
                        
Pre-tax earnings before fixed charges
     7,524       3,840       19,987       10,819  
 
                        
 
                                
Fixed charges:
                                
Interest
     5,662       2,738       14,927       6,740  
Other(c)
     52       47       155       141  
 
                        
Total fixed charges
     5,714       2,785       15,082       6,881  
 
                        
Preferred stock dividend requirements
     26       13       59       38  
 
                        
Total combined fixed charges and preferred stock dividends
   $ 5,740     $ 2,798     $ 15,141     $ 6,919  
 
                        
Ratio of earnings to fixed charges
     1.32       1.38       1.33       1.57  
 
                                
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.31       1.37       1.32       1.56  
 
(a)
  Certain prior period amounts have been reclassified to conform to the current period presentation.
(b)
  Excludes undistributed earnings from equity investments.
(c)
  Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs and preferred security dividend requirements of subsidiaries.