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 | ||||||||
| 2000 | 2000 | ||||||||
| Net earnings | $ | 824 | $ | 2,466 | |||||
| Add: | |||||||||
| Provision for taxes | 549 | 1,644 | |||||||
| Portion of rents representative of an interest factor | 22 | 55 | |||||||
| Interest expense on all indebtedness | 4,324 | 11,836 | |||||||
| Earnings, as adjusted | $ | 5,719 | $ | 16,001 | |||||
| Fixed charges: | |||||||||
| Portion of rents representative of an interest factor | $ | 22 | $ | 55 | |||||
| Interest expense on all indebtedness | 4,324 | 11,836 | |||||||
| Fixed charges | $ | 4,346 | $ | 11,891 | |||||
| Ratio of earnings to fixed charges | 1.32 | x | 1.35 | x | |||||