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
		2002			2001			2002			2001
Net earnings		$	563		$	577		$	1,087		$	1,345
Add:
	Provision for taxes		338			369			653			860
	Portion of rents representative of an interest factor		29			56			59			84
	Interest expense on all indebtedness		2,383			4,168			4,485			8,937
Earnings, as adjusted		$	3,313		$	5,170		$	6,284		$	11,226
Fixed charges:
	Portion of rents representative of an interest factor	$	29		$	56		$	59		$	84
	Interest expense on all indebtedness		2,383			4,168			4,485			8,937
Fixed charges		$	2,412		$	4,224		$	4,544		$	9,021
Ratio of earnings to fixed charges			1.37	x		1.22	x		1.38	x		1.24	x