EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

($ in millions)

	Nine Months
	Ended August			Year Ended November
	2005			2004			2003			2002			2001			2000
Net earnings	$	3,994		$	4,553		$	3,005		$	2,114		$	2,310		$	3,067
Add:
Provision for taxes		1,800			2,123			1,440			1,139			1,386			1,953
Portion of rents representative of an interest factor		88			118			120			120			111			80
Interest expense on all indebtedness		12,411			8,888			7,600			8,868			15,327			16,410
Pre-tax earnings, as adjusted	$	18,293		$	15,682		$	12,165		$	12,241		$	19,134		$	21,510
Fixed charges (1):
Portion of rents representative of an interest factor		88			118			120			122			111			80
Interest expense on all indebtedness		12,411			8,893			7,613			8,874			15,327			16,410
Fixed charges	$	12,499		$	9,011		$	7,733		$	8,996		$	15,438		$	16,490
Preferred stock dividend requirements		13			—			—			—			—			—
Total combined fixed charges and preferred stock dividends	$	12,512		$	9,011		$	7,733		$	8,996		$	15,438		$	16,490
Ratio of earnings to fixed charges		1.46	x		1.74	x		1.57	x		1.36	x		1.24	x		1.30	x
Ratio of earnings to combined fixed charges and preferred stock dividends		1.46	x		—			—			—			—			—

⁽¹⁾ Fixed charges include capitalized interest.