CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


As  independent  public  accountants,  we hereby consent to the inclusion of our
report  dated  February  5, 1996 in this Form 10-K and to the  incorporation  by
reference into The Morgan Group, Inc.'s previously filed Registration Statements
on Form S-8 (Registration Nos. 33-72996,  33-72998).  It should be noted that we
have not audited any financial  statements of The Morgan Group, Inc.  subsequent
to December 31, 1995 or performed any audit procedures subsequent to the date of
our report.


                                                         /s/ ARTHUR ANDERSEN LLP
Chicago, Illinois,
March 25, 1998