EXHIBIT 23









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

We consent to the incorporation by reference in Registration Statement No.
333-42859 of Merrill Lynch & Co., Inc. on Form S-3 of our reports dated March
28, 2002, 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
period ended December 28, 2001.


/s/ Deloitte & Touche LLP


New York, New York
March 28, 2002