EXHIBIT 23



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

We consent to the  incorporation by reference in the Registration  Statement No.
333-59997 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 V and Merrill Lynch  Preferred  Funding V, L.P. for the
period ended December 28, 2001.


/s/ Deloitte & Touche LLP


New York, New York
March 28, 2002