Exhibit 99.2




May 31, 2002




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

Gentlemen:

We have read Item 4 of Form 8-K/A  dated May 31, 2002, of The Morgan Group, Inc.
and are in  agreement  with the  statements  contained  in the first,  third and
fourth paragraphs on page 1 therein.  We have no basis to agree or disagree with
other statements of the registrant contained therein.


                                              /s/ Ernst & Young LLP
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