EXHIBIT 15
To the Board of Directors and Shareholders of Morgan Stanley:
We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim condensed consolidated financial information of Morgan Stanley and subsidiaries as of May 31, 2007 and for the three-month and six-month periods ended May 31, 2007 and 2006, and have issued our report dated July 9, 2007 (which report included an explanatory paragraph regarding Morgan Stanley’s adoption of Statement of Financial Accounting Standards No. 157, “Fair Value Measurement” and Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities–Including an amendment of FASB Statement No. 115” and an explanatory paragraph regarding Morgan Stanley’s spin-off of Discover Financial Services). 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 May 31, 2007, is incorporated by reference in the following Registration Statements of Morgan Stanley:
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 |
Registration Statement No. 333-129243 |
Registration Statement No. 333-131266 |
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 |
Registration Statement No. 333-142874 |
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.
Deloitte & Touche LLP
New York, New York
July 9, 2007