EXHIBIT 23









INDEPENDENT AUDITORS' CONSENT
- -----------------------------

We consent to the incorporation by reference in Registration Statement No.
333-42859 of Merrill Lynch & Co., Inc., Merrill Lynch Preferred Capital Trust
III, Merrill Lynch Preferred Funding III, L.P., Merrill Lynch Preferred Capital
Trust IV and Merrill Lynch Preferred Funding IV, L.P. on Form S-3 of our reports
dated March 22, 2004, appearing in this Annual Report on Form 10-K of Merrill
Lynch Preferred Capital Trust III and Merrill Lynch Preferred Funding III, L.P.
for the year ended December 26, 2003.

/s/ Deloitte & Touche LLP


New York, New York
March 22, 2004