EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ in millions)

	Year Ended November
	2004			2003			2002			2001			2000
Net earnings	$	4,553		$	3,005		$	2,114		$	2,310		$	3,067
Add:
Provision for taxes		2,123			1,440			1,139			1,386			1,953
Portion of rents representative of an interest factor		118			120			120			111			80
Interest expense on all indebtedness		8,888			7,600			8,868			15,327			16,410
Earnings, as adjusted	$	15,682		$	12,165		$	12,241		$	19,134		$	21,510
Fixed charges(1):
Portion of rents representative of an interest factor	$	118		$	120		$	122		$	111		$	80
Interest expense on all indebtedness		8,893			7,613			8,874			15,327			16,410
Fixed charges	$	9,011		$	7,733		$	8,996		$	15,438		$	16,490
Ratio of earnings to fixed charges		1.74	x		1.57	x		1.36	x		1.24	x		1.30	x

⁽¹⁾ Fixed charges includes capitalized interest and the interest factor of capitalized rent.