Exhibit 24

                                Power of Attorney

      KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below, each of whom is a director and/or officer of Merrill Lynch & Co., Inc.,
the general partner of Merrill Lynch Preferred Funding I, L.P., Merrill Lynch
Preferred Funding II, L.P., Merrill Lynch Preferred Funding III, L.P., Merrill
Lynch Preferred Funding IV, L.P., Merrill Lynch Preferred Funding V, L.P., and
Merrill Lynch Preferred Funding VI, L.P. (the "Partnerships"), constitutes and
appoints E. Stanley O'Neal, Theresa Lang and Mark B. Goldfus, and each of them,
his true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities, to approve and sign any and all reports or filings, and
amendments thereto, to be filed pursuant to the Securities and Exchange Act of
1934 or the requirements of any other regulatory agency or body or stock
exchange on behalf of the Partnerships, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the Securities and
Exchange Commission or such other agency or body or stock exchange, granting
unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue thereof.

      This Power of Attorney has been signed below by the following persons in
the capacities indicated on the 24th day of March, 1999.

            Signature                                Title
            ---------                                -----


     /s/ DAVID H. KOMANSKY             Chairman of the Board and Chief
-----------------------------------    Executive Officer
        (David H. Komansky)            


     /s/ E. STANLEY O'NEAL             Executive Vice President and Chief
-----------------------------------    Financial Officer (Principal Financial
        (E. Stanley O'Neal)            Officer)


     /s/ AHMASS L. FAKAHANY            Senior Vice President and Controller
-----------------------------------    (Principal Accounting Officer)
        (Ahmass L. Fakahany)           


     /s/ HERBERT M. ALLISON, JR.       Director
-----------------------------------
        (Herbert M. Allison, Jr.)
<PAGE>

     /s/ W. H. CLARK                   Director
-----------------------------------
        (W. H. Clark)


     /s/ JILL K. CONWAY                Director
-----------------------------------
        (Jill K. Conway)


     /s/ STEPHEN L. HAMMERMAN          Director
-----------------------------------
        (Stephen L. Hammerman)


     /s/ EARLE H. HARBISON, JR.        Director
-----------------------------------
        (Earle H. Harbison, Jr.)


                                       Director
-----------------------------------
        (George B. Harvey)


     /s/ WILLIAM R. HOOVER             Director
-----------------------------------
        (William R. Hoover)


     /s/ ROBERT P. LUCIANO             Director
-----------------------------------
        (Robert P. Luciano)


     /s/ DAVID K. NEWBIGGING           Director
-----------------------------------
        (David K. Newbigging)


     /s/ AULANA L. PETERS              Director
-----------------------------------
        (Aulana L. Peters)


     /s/ JOHN J. PHELAN, JR.           Director
-----------------------------------
        (John J. Phelan, Jr.)


     /s/ JOHN L. STEFFENS              Director
-----------------------------------
        (John L. Steffens)


     /s/ WILLIAM L. WEISS              Director
-----------------------------------
        (William L. Weiss)