EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

($ in millions)

		Three Months			Six Months
		Ended May			Ended May
		2000			2000
Net earnings		$	755		$	1,642
Add:
	Provision for taxes		503			1,095
	Portion of rents representative of an interest factor		16			33
	Interest expense on all indebtedness		4,041			7,512
Earnings, as adjusted		$	5,315		$	10,282
Fixed charges:
	Portion of rents representative of an interest factor	$	16		$	33
	Interest expense on all indebtedness		4,041			7,512
Fixed charges		$	4,057		$	7,545
Ratio of earnings to fixed charges			1.31	x		1.36	x