Exhibit 15.1

November 7, 2002

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549

Re: The Goldman Sachs Group, Inc.
    Registration Statement on Form S-3

Commissioners:

We are aware that (i) our report dated October 10, 2002 on our review of the
condensed consolidated statement of financial condition of The Goldman Sachs
Group, Inc. and Subsidiaries (the "Company") as of August 30, 2002, the related
condensed consolidated statements of earnings for the three and nine months
ended August 30, 2002 and August 31, 2001, the condensed consolidated statement
of changes in shareholders' equity for the nine months ended August 30, 2002,
the condensed consolidated statements of cash flows for the nine months ended
August 30, 2002 and August 31, 2001, and the condensed consolidated statements
of comprehensive income for the three and nine months ended August 30, 2002 and
August 31, 2001, included in the Company's Quarterly Report on Form 10-Q for
the quarter ended August 30, 2002; (ii) our report dated July 9, 2002 on our
review of the condensed consolidated statement of financial condition of the
Company as of May 31, 2002, the related condensed consolidated statements of
earnings for the three and six months ended May 31, 2002 and May 25, 2001, the
condensed consolidated statement of cash flows for the six months ended May 31,
2002 and May 25, 2001, and the condensed consolidated statements of
comprehensive income for the three and six months ended May 31, 2002 and May
25, 2001 included in the Company's Quarterly Report on Form 10-Q for the
quarter ended May 31, 2002; (iii) our report dated April 2, 2002 on our review
of the condensed consolidated statement of financial condition of the Company
as of February 22, 2002 and the related condensed consolidated statements of
earnings, cash flows and comprehensive income for the three months ended
February 22, 2002 and February 23, 2001 included in the Company's Quarterly
Report on Form 10-Q for the quarter ended February 22, 2002, are incorporated
by reference into this Registration Statement on Form S-3 filed with the
commission on November 8, 2002. Pursuant to Rule 436(c) under the Securities
Act of 1933, such reports should not be considered a part of such Registration
Statement, and are not reports prepared or certified by us within the meaning
of Sections 7 and 11 of that Act.


Very truly yours,


/s/ PricewaterhouseCoopers LLP