Exhibit 23.5







                          Independent Auditors' Consent
                          -----------------------------





The Members
Jefferies Partners Opportunity Fund II, LLC:

We consent to the incorporation by reference in the registration statements (No.
2-84303) on Form S-8, (No. 33-6054) on Form S-8 and S-3, (No.  33-26434) on Form
S-8 and S-3,  (No.  33-30277) on Form S-8 and S-3,  (No.  33-61682) on Form S-8,
(No. 33-61718) on Form S-8, (No.  333-51494) on Form S-8 and (No.  333-86018) on
Form S-4 of Leucadia National  Corporation of our report dated January 26, 2004,
except as to Note 8 of the  notes to the  financial  statements,  which is as of
February 13, 2004, relating to the statement of financial condition of Jefferies
Partners  Opportunity  Fund II,  LLC as of  December  31,  2002 and the  related
statements of earnings,  changes in members'  equity and cash flows for the year
then ended,  which report appears in the December 31, 2003 Annual Report on Form
10-K of Leucadia National Corporation.




/s/ KPMG LLP


Los Angeles, California
March 10, 2004