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 (October 12,
2005 as to the effects of discontinued operations and segment classification
discussed in Note 22) (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.

Additionally, 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 May 31, 2005 and for the six-month periods ended May 31, 2005
and May 31, 2004, and have issued our report dated July 7, 2005 (October 12,
2005 as to the effects of discontinued operations and segment classification
discussed in Note 22) (which report included an explanatory paragraph regarding
the adoption of 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.

Additionally, 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 reports referred to above, which are included in your
Quarterly Report on Form 10-Q for the quarter ended August 31, 2005 and in your
Current Report on Form 8-K filed October 12, 2005 are being incorporated by
reference in this Registration Statement on Form S-3.

We also are aware that the aforementioned reports, pursuant to Rule 436(c) under
the Securities Act of 1933, are 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
January 25,2006