Morgan Stanley (MS) 10-Q 2005 Q3 Quarterly report

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 August 31, 2005 and for the nine-month periods ended August 31, 2005 and August 31, 2004, and have issued our report dated October 7, 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 August 31, 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. 333-28141
	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

October 7, 2005