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 ---------------------