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)
 
                                                         
    Successor Company   Predecessor Company
    Three Months Ended
 		  Nine Months Ended
 		  Year Ended Last Friday in December
    September 30,
 		  September 30,
 		  2008   2007   2006   2005   2004
    2009   2009   (52 weeks)   (52 weeks)   (52 weeks)   (52 weeks)   (53 weeks)
 
 
Pre-tax earnings (loss)(a)
  $ 218     $ 2,130     $ (45,438 )   $ (13,723 )   $ 9,313     $ 6,335     $ 5,106  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
    2,474       9,034       29,641       51,683       35,719       21,764       10,591  
                                                         
Pre-tax earnings before fixed charges
    2,692       11,164       (15,797 )     37,960       45,032       28,099       15,697  
                                                         
Fixed charges:
                                                       
Interest
    2,407       8,831       29,349       51,425       35,499       21,549       10,387  
Other(b)
    67       203       292       258       220       215       204  
                                                         
Total fixed charges
    2,474       9,034       29,641       51,683       35,719       21,764       10,591  
                                                         
Preferred stock dividend requirements
    28       101       4,356       401       259       99       54  
                                                         
Total combined fixed charges and preferred stock dividends
  $ 2,502     $ 9,135     $ 33,997     $ 52,084     $ 35,978     $ 21,863     $ 10,645  
                                                         
Ratio of earnings to fixed charges
    1.09       1.24       *     *     1.26       1.29       1.48  
Ratio of earnings to combined fixed charges and preferred stock dividends
    1.08       1.22       *     *     1.25       1.29       1.47  
 
 
(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 and preferred security dividend requirements of subsidiaries.
* The earnings for year-end 2008 and 2007 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges were $45,438 and $13,723, respectively. The coverage deficiencies for total fixed charges and preferred stock dividends were $49,794 and $14,124, respectively.