Exhibit 15
To the Board of Directors and Shareholders of Morgan Stanley:
We have made a review, in accordance with the standards of the Public Company Accounting Oversight Board (United States), of the unaudited interim condensed consolidated financial information of Morgan Stanley and subsidiaries as of February 28, 2005 and for the three-month periods ended February 28, 2005 and February 29, 2004, and have issued our report dated April 4, 2005 (which report included an explanatory paragraph regarding the adoption of Statement of Financial Accounting Standards (“SFAS”) No. 123R, “Share-based Payment”). As indicated in such report, because we did not perform an audit, we expressed no opinion on that information.
We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended February 28, 2005, is incorporated by reference in the following Registration Statements:
Filed on Form S-3: | ||
Registration Statement No. 33-57202 | ||
Registration Statement No. 33-60734 | ||
Registration Statement No. 33-89748 | ||
Registration Statement No. 33-92172 | ||
Registration Statement No. 333-07947 | ||
Registration Statement No. 333-27881 | ||
Registration Statement No. 333-27893 | ||
Registration Statement No. 333-27919 | ||
Registration Statement No. 333-46403 | ||
Registration Statement No. 333-46935 | ||
Registration Statement No. 333-76111 | ||
Registration Statement No. 333-75289 | ||
Registration Statement No. 333-34392 | ||
Registration Statement No. 333-47576 | ||
Registration Statement No. 333-83616 | ||
Registration Statement No. 333-106789 | ||
Registration Statement No. 333-117752 | ||
Filed on Form S-4: | ||
Registration Statement No. 333-25003 | ||
Filed on Form S-8: | ||
Registration Statement No. 33-63024 | ||
Registration Statement No. 33-63026 | ||
Registration Statement No. 33-78038 | ||
Registration Statement No. 33-79516 | ||
Registration Statement No. 33-82240 | ||
Registration Statement No. 33-82242 | ||
Registration Statement No. 33-82244 | ||
Registration Statement No. 333-04212 | ||
Registration Statement No. 333-25003 | ||
Registration Statement No. 333-28141 | ||
Registration Statement No. 333-28263 | ||
Registration Statement No. 333-62869 | ||
Registration Statement No. 333-78081 | ||
Registration Statement No. 333-95303 | ||
Registration Statement No. 333-85148 | ||
Registration Statement No. 333-85150 | ||
Registration Statement No. 333-108223 |
We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statements prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.
/s/ DELOITTE & TOUCHE LLP
New York, New York
April 6, 2005