EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

($ in millions)

		Three Months			Nine Months
		Ended August			Ended August
		2000			2000
Net earnings		$	824		$	2,466
Add:
	Provision for taxes		549			1,644
	Portion of rents representative of an interest factor		22			55
	Interest expense on all indebtedness		4,324			11,836
Earnings, as adjusted		$	5,719		$	16,001
Fixed charges:
	Portion of rents representative of an interest factor	$	22		$	55
	Interest expense on all indebtedness		4,324			11,836
Fixed charges		$	4,346		$	11,891
Ratio of earnings to fixed charges			1.32	x		1.35	x