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

	Nine Months
	Ended
	September			Year Ended November
	2009			2008			2007			2006			2005
	($ in millions)
Net earnings	$	8,437		$	2,322		$	11,599		$	9,537		$	5,626
Add:
Provision for taxes		4,015			14			6,005			5,023			2,647
Portion of rents representative of an interest factor		109			146			137			135			119
Interest expense on all indebtedness		5,193			31,357			41,981			31,688			18,153
Pre-tax earnings, as adjusted	$	17,754		$	33,839		$	59,722		$	46,383		$	26,545
Fixed charges(1):
Portion of rents representative of an interest factor	$	109		$	146		$	137		$	135		$	119
Interest expense on all indebtedness		5,251			31,444			42,051			31,755			18,161
Total fixed charges	$	5,360		$	31,590		$	42,188		$	31,890		$	18,280
Preferred stock dividend requirements		1,522			283			291			212			25
Total combined fixed charges and preferred stock dividends	$	6,882		$	31,873		$	42,479		$	32,102		$	18,305
Ratio of earnings to fixed charges		3.31	x		1.07	x		1.42	x		1.45	x		1.45	x
Ratio of earnings to combined fixed charges and preferred stock dividends		2.58	x		1.06	x		1.41	x		1.44	x		1.45	x

⁽¹⁾ Fixed charges include capitalized interest of $58 million, $87 million, $70 million, $67 million and $8 million as of September 2009, November 2008, November 2007, November 2006 and November 2005, respectively.