Exhibit 15.1


November 10, 2003

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 9, 2003 on our review of the
condensed consolidated statement of financial condition of The Goldman Sachs
Group, Inc. and Subsidiaries (the "Company") as of August 29, 2003, the related
condensed consolidated statements of earnings for the three and nine months
ended August 29, 2003 and August 30, 2002, the condensed consolidated statement
of changes in shareholders' equity for the nine months ended August 29, 2003,
the condensed consolidated statements of cash flows for the nine months ended
August 29, 2003 and August 30, 2002, and the condensed consolidated statements
of comprehensive income for the three and nine months ended August 29, 2003 and
August 30, 2002, included in the Company's Quarterly Report on Form 10-Q for the
quarter ended August 29, 2003; (ii) our report dated July 8, 2003 on our review
of the condensed consolidated statement of financial condition of the Company as
of May 30, 2003, the related condensed consolidated statements of earnings for
the three and six months ended May 30, 2003 and May 31, 2002, the condensed
consolidated statement of changes in shareholders' equity for the six months
ended May 30, 2003, the condensed consolidated statement of cash flows for the
six months ended May 30, 2003 and May 31, 2002, and the condensed consolidated
statements of comprehensive income for the three and six months ended May 30,
2003 and May 31, 2002 included in the Company's Quarterly Report on Form 10-Q
for the quarter ended May 30, 2003; (iii) our report dated April 9, 2003 on our
review of the condensed consolidated statement of financial condition of the
Company as of February 28, 2003, the related condensed consolidated statements
of earnings, cash flows and comprehensive income for the three months ended
February 28, 2003 and February 22, 2002, and the condensed consolidated
statement of changes in shareholders' equity for the three months ended February
28, 2003 included in the Company's Quarterly Report on Form 10-Q for the quarter
ended February 28, 2003, are incorporated by reference into this Registration
Statement on Form S-3 filed with the commission on November 10, 2003. 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
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