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

	Year Ended December									Year Ended November						One Month Ended December
$ in millions	2011			2010			2009			2008			2007			2008
Net earnings/(loss)	$	4,442		$	8,354		$	13,385		$	2,322		$	11,599		$	(780	)
Add:
Provision/(benefit) for taxes		1,727			4,538			6,444			14			6,005			(478	)
Portion of rents representative of an interest factor		159			169			145			146			137			13
Interest expense on all indebtedness		7,982			6,806			6,500			31,357			41,981			1,002
Pre-tax earnings/(loss), as adjusted	$	14,310		$	19,867		$	26,474		$	33,839		$	59,722		$	(243	)
Fixed charges 1:
Portion of rents representative of an interest factor	$	159		$	169		$	145		$	146		$	137		$	13
Interest expense on all indebtedness		7,987			6,810			6,570			31,444			42,051			1,008
Total fixed charges	$	8,146		$	6,979		$	6,715		$	31,590		$	42,188		$	1,021
Preferred stock dividend requirements		2,683			989			1,767			283			291			400
Total combined fixed charges and preferred stock dividends	$	10,829		$	7,968		$	8,482		$	31,873		$	42,479		$	1,421
Ratio of earnings to fixed charges		1.76	x		2.85	x		3.94	x		1.07	x		1.42	x		N/A	2
Ratio of earnings to combined fixed charges and preferred stock dividends		1.32	x		2.49	x		3.12	x		1.06	x		1.41	x		N/A	2

1. Fixed charges include capitalized interest of $5 million, $4 million, $70 million, $87 million, $70 million and $6 million for the years ended December 2011, December 2010, December 2009, November 2008, November 2007 and one month ended December 2008, respectively.

2. Earnings for the one month ended December 2008 were inadequate to cover total fixed charges and total combined fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges and total combined fixed charges and preferred stock dividends were $1.26 billion and $1.66 billion, respectively.