Exhibit 12.1

Alesco Financial Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	For the Year Ended December 31, 2008		For the Year Ended December 31, 2007
Pre-tax loss from continuing operations	$	(170,910)	$	(1,258,992)
Add back fixed charges:
Minority interest		10,479		19,734
Interest expense		439,835		627,635
Earnings before fixed charges		279,404		(611,623)
Fixed charges
Interest expense		439,835		627,635
Subtotal	$	439,835	$	627,635
Ratio of earnings to fixed charges		0.6x		(1.0)x