EXHIBIT 24

                           POWER OF ATTORNEY
                           -----------------

Each of the following  directors and officers of Merrill Lynch & Co.,  Inc., the
general  partner of Merrill  Lynch  Preferred  Funding  I, L.P.,  Merrill  Lynch
Preferred Funding II, L.P.,  Merrill Lynch Preferred Funding III, L.P.,  Merrill
Lynch Preferred  Funding IV, L.P.,  Merrill Lynch Preferred Funding V, L.P., and
Merrill Lynch Preferred Funding VI, L.P. (the  "Partnerships"),  appoints Thomas
H.   Patrick,   John  C.   Stomber   and  Mark  B.   Goldfus   individually   as
attorneys-in-fact and agents, with full power of substitution,  to sign and file
Annual  Reports on Form 10-K for the fiscal year ended  December 29,  2000,  and
amendments to the forms, on behalf of each of the Partnerships,  with full power
and authority to perform any appropriate or necessary act in connection with the
filing of the forms.

This  Power  of  Attorney  has  been  signed  by the  following  persons  in the
capacities indicated on the 28th day of March, 2001.




         SIGNATURE                                  TITLE
         ---------                                  -----



    /s/ DAVID H. KOMANSKY                   Chairman of the Board and Chief
- -----------------------------------------   Executive Officer
       (David H. Komansky)




    /s/ THOMAS H. PATRICK                   Executive Vice President and Chief
- -----------------------------------------   Financial Officer (Principal
       (Thomas H. Patrick)                  Financial Officer)



    /s/ AHMASS L. FAKAHANY                  Senior Vice President and Controller
- -----------------------------------------   (Principal Accounting Officer)
       (Ahmass L. Fakahany)


    /s/ W.H. CLARK                          Director
- -----------------------------------------
       (W.H. Clark)


    /s/ JILL K. CONWAY                      Director
- -----------------------------------------
       (Jill K. Conway)


    /s/ STEPHEN L. HAMMERMAN                Director
- -----------------------------------------
       (Stephen L. Hammerman)


    /s/ GEORGE B. HARVEY                    Director
- -----------------------------------------
       (George B. Harvey)


    /s/ WILLIAM R. HOOVER                   Director
- -----------------------------------------
       (William R. Hoover)


    /s/ ROBERT P. LUCIANO                   Director
- -----------------------------------------
       (Robert P. Luciano)


    /s/ DAVID K. NEWBIGGING                 Director
- -----------------------------------------
       (David K. Newbigging)


    /s/ AULANA L. PETERS                    Director
- -----------------------------------------
       (Aulana L. Peters)


    /s/ JOHN J. PHELAN, JR.                 Director
- -----------------------------------------
       (John J. Phelan, Jr.)


    /s/ JOHN L. STEFFENS                    Director
- -----------------------------------------
       (John L. Steffens)