EX-12.1

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)


	Three Months
	Ended February			Year Ended November
	2008			2007			2006			2005			2004
Net earnings	$	1,511		$	11,599		$	9,537		$	5,626		$	4,553
Add:
Provision for taxes		632			6,005			5,023			2,647			2,123
Portion of rents representative of an interest factor		36			137			135			119			118
Interest expense on all indebtedness		10,294			41,981			31,688			18,153			8,888

Pre-tax earnings, as adjusted	$	12,473		$	59,722		$	46,383		$	26,545		$	15,682

Fixed charges ⁽¹⁾:
Portion of rents representative of an interest factor	$	36		$	137		$	135		$	119		$	118
Interest expense on all indebtedness		10,314			42,051			31,755			18,161			8,893

Fixed charges	$	10,350		$	42,188		$	31,890		$	18,280		$	9,011

Preferred stock dividend requirements		63			291			212			25			—
Total combined fixed charges and preferred stock dividends	$	10,413		$	42,479		$	32,102		$	18,305		$	9,011

Ratio of earnings to fixed charges		1.21	x		1.42	x		1.45	x		1.45	x		1.74	x

Ratio of earnings to combined fixed charges and preferred stock dividends		1.20	x		1.41	x		1.44	x		1.45	x		—


⁽¹⁾		Fixed charges include capitalized interest of $20 million, $70 million, $67 million, $8 million and $5 million as of February 2008, November 2007, November 2006, November 2005 and November 2004, respectively.