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 Thomas H. Patrick,  John C. Stomber,  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 29th day of March, 2000.


            SIGNATURE                                  TITLE
            ---------                                  -----



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




    /s/ THOMAS H. PATRICK                   Executive Vice President and Chief
-----------------------------------------   Financial Officer (Principal
        (Thomas H. Patrick)                 Financial Officer)



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


    /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/ GEORGE B. HARVEY                    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)