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 Nine
 		                   
    Ended   Months Ended   Year Ended Last Friday in December
    Sept. 26,
 		  Sept. 26,
 		  2007   2006   2005   2004   2003
    2008   2008   (52 weeks)   (52 weeks)   (52 weeks)   (53 weeks)   (52 weeks)
 
Pre-tax earnings (loss)(a)
  $ (12,455 )   $ (23,868 )   $ (13,723 )   $ 9,313     $ 6,335     $ 5,106     $ 4,894  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
    7,904       25,971       51,683       35,719       21,764       10,591       8,016  
                                                         
Pre-tax (losses)/earnings before fixed charges
    (4,551 )     2,103       37,960       45,032       28,099       15,697       12,910  
                                                         
Fixed charges:
                                                       
Interest
    7,831       25,754       51,425       35,499       21,549       10,387       7,823  
Other(b)
    73       217       258       220       215       204       193  
                                                         
Total fixed charges
    7,904       25,971       51,683       35,719       21,764       10,591       8,016  
                                                         
Preferred stock dividend requirements
    3,851       4,698       401       259       99       54       52  
                                                         
Total combined fixed charges and preferred stock dividends
  $ 11,755     $ 30,669     $ 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 earnings (loss) 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 nine-months periods ended September 26, 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 nine-months periods ended September 26, 2008, and for the year ended 2007 were $12,455, $23,868 and $13,723 respectively. The coverage deficiencies for total fixed charges and preferred stock dividends for the three- and nine-months periods ended September 26, 2008, and for the year ended 2007 were $16,306, $28,566 and 14,124 respectively.