EXHIBIT 12
 
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
                                                         
    For the
 		       
    Three Months
 		  For the Six
 		                   
    Ended   Months Ended   Year Ended Last Friday in December
    June 27,
 		  June 27,
 		  2007   2006   2005   2004   2003
    2008   2008   (52 weeks)   (52 weeks)   (52 weeks)   (53 weeks)   (52 weeks)
 
Pre-tax (loss)/earnings(a)
  $ (7,979 )   $ (11,413 )   $ (13,723 )   $ 9,313     $ 6,335     $ 5,106     $ 4,894  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
    8,246       18,068       51,683       35,719       21,764       10,591       8,016  
                                                         
Pre-tax earnings before fixed charges
    267       6,655       37,960       45,032       28,099       15,697       12,910  
                                                         
Fixed charges:
                                                       
Interest
    8,172       17,924       51,425       35,499       21,549       10,387       7,823  
Other(b)
    74       144       258       220       215       204       193  
                                                         
Total fixed charges
    8,246       18,068       51,683       35,719       21,764       10,591       8,016  
                                                         
Preferred stock dividend requirements
    415       711       401       259       99       54       52  
                                                         
Total combined fixed charges and preferred stock dividends
  $ 8,661     $ 18,779     $ 52,084     $ 35,978     $ 21,863     $ 10,645     $ 8,068  
                                                         
Ratio of earnings to fixed charges
    *       *       *       1.26       1.29       1.48       1.61  
Ratio of earnings to combined fixed charges and preferred stock dividends
    *       *       *       1.25       1.29       1.47       1.60  
 
 
(a) Excludes undistributed (loss)/earnings from equity investments and earnings from discontinued operations.
(b) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.
*  The earnings for the three- and six-months periods ended June 27, 2008, and for the year ended 2007 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges for the three- and six-months periods ended June 27, 2008, and for the year ended 2007 were $7,979, $11,413 and 13,723 respectively. The coverage deficiencies for total fixed charges and preferred stock dividends for the three- and six-months periods ended June 27, 2008, and for the year ended 2007 were $8,394, $12,124 and 14,124 respectively.