The Goldman Sachs Group, Inc. (GS) 10-Q 2001 Q3 Quarterly report

Exhibit 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

($ in millions)

		Three Months						Nine Months
		Ended August						Ended August
		2001			2000			2001			2000
Net earnings		$	468		$	824		$	1,813		$	2,466
Add:
	Provision for taxes		299			549			1,159			1,644
	Portion of rents representative of an interest factor		27			22			111			55
	Interest expense on all indebtedness		3,699			4,324			12,636			11,836
Earnings, as adjusted		$	4,493		$	5,719		$	15,719		$	16,001
Fixed charges:
	Portion of rents representative of an interest factor	$	27		$	22		$	111		$	55
	Interest expense on all indebtedness		3,699			4,324			12,636			11,836
Fixed charges		$	3,726		$	4,346		$	12,747		$	11,891
Ratio of earnings to fixed charges			1.21	x		1.32	x		1.23	x		1.35	x