EXHIBIT 15

To the Directors and Shareholders of Morgan Stanley:

We have made a review, in accordance with standards established by the American
Institute of Certified Public Accountants, of the unaudited condensed
consolidated interim financial information of Morgan Stanley and its
subsidiaries for the periods ended February 28, 2003 and 2002, and May 31, 2003
and 2002, as indicated in our reports dated April 11, 2003, and July 10, 2003;
because we did not perform an audit, we expressed no opinion on that
information.

We are aware that our reports referred to above which were included in Morgan
Stanley's Quarterly Reports on Form 10-Q for the quarters ended February 28,
2003 and May 31, 2003 are being incorporated by reference in this Amendment No.
3 to Registration Statement No. 333-106789.

We are also aware that the aforementioned reports, pursuant to Rule 436(c)
under the Securities Act of 1933, are not considered a part of the Registration
Statement 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

New York, New York
August 26, 2003