LIMITED POWER OF ATTORNEY


	The undersigned hereby constitutes and appoints each
of Lloyd H. Feller, Judith K. Otamura-Kester, Robert D. Ming,
and Roland T. Kelly, each acting individually, as the
undersigned's true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution,
for him or her and in his or her name, place, and stead,
in any and all capacities, to sign any Form 3, Form 4, Form 5,
Schedule 13G, or Schedule 13D relating to beneficial
ownership and changes in beneficial ownership of equity
securities of Jefferies Group, Inc. (the "Company"), and
any amendment thereto, and to file the same, with all
exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission,
and submit copies thereof to any securities exchange
or automated quotation system and to the Company,
granting unto each said attorney-in-fact and agent,
full power and authority to do and perform each and
every act and thing requisite or necessary to be done
in and about the premises, as fully to all intents and
purposes as he or she might or could do in person,
hereby ratifying and confirming all that each said
attorney-in-fact and agent, or their or his or her
substitutes, may lawfully do or cause to be done
by virtue hereof.  This power of attorney shall
expire at such time as the undersigned ceases to
be subject to filing requirements under Sections 13(d),
13(g), and 16(a) of the Securities Exchange Act
of 1934, as amended.



							/s/ John C. Shaw, Jr.
							John C. Shaw, Jr.



							June 6, 2003
							(Date)