<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002761
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20061201
<ITEMS>9.01
<FILING-DATE>20061207
<DATE-OF-FILING-DATE-CHANGE>20061207
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MORGAN STANLEY
<CIK>0000895421
<ASSIGNED-SIC>6211
<IRS-NUMBER>363145972
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-11758
<FILM-NUMBER>061262866
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1585 BROADWAY
<CITY>NEW YORK
<STATE>NY
<ZIP>10036
<PHONE>212-761-4000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1585 BROADWAY
<CITY>NEW YORK
<STATE>NY
<ZIP>10036
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MORGAN STANLEY DEAN WITTER & CO
<DATE-CHANGED>19980326
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DEAN WITTER DISCOVER & CO
<DATE-CHANGED>19960315
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>dp04203_8k.htm
<TEXT>
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<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr align="center" width="100%" size="4" noshade color="#000000" style="margin-top: -2px">
<hr align="center" width="100%" size="1" noshade color="#000000" style="margin-top: -10px"></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
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	<TD align=center width=99%>
<B><FONT size=5 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99%>
<B><FONT size=5 face="serif">WASHINGTON, D.C. 20549</FONT></B>	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
</TR>
<TR>
	<TD width=99%>
<HR align="center" width="17%" size=1 noshade>	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
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<TR valign="bottom">
	<TD align=center width=99%>
<B><FONT size=5 face="serif">FORM 8-K</FONT></B>	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99%>
<B><FONT size=5 face="serif">CURRENT REPORT</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99%>
<B><FONT size=5 face="serif">Pursuant To Section 13 or 15(d) of</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99%>
<B><FONT size=5 face="serif">the Securities Exchange Act of 1934</FONT></B>	</TD>
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<BR>
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<FONT size=2 face="serif">Date of report (Date of earliest event reported): December
1, 2006</FONT>
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><FONT size=5 face="serif">Morgan Stanley</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<FONT size=1 face="serif">(Exact Name of Registrant</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<FONT size=1 face="serif">as Specified in Charter)</FONT>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=30% align=center>&nbsp;</TD>
  <TD  width=5%>&nbsp;</TD>
  <TD width=30% align=center>&nbsp;</TD>
  <TD  width=5%>&nbsp;</TD>
  <TD width=30% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=center valign="top">
<B><FONT size=2 face="serif">Delaware</FONT></B></TD>
	<TD  width=5% valign="top">&nbsp;	</TD>
	<TD width=30% align=center valign="top">
<B><FONT size=2 face="serif">001-11758</FONT></B></TD>
	<TD  width=5% valign="top">&nbsp;	</TD>
	<TD width=30% align=center valign="top">
<B><FONT size=2 face="serif">36-3145972</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=center valign="top">
<FONT size=1 face="serif">(State or Other Jurisdiction of Incorporation)</FONT></TD>
	<TD  width=5% valign="top">&nbsp;	</TD>
	<TD width=30% align=center valign="top">
<FONT size=1 face="serif">(Commission File Number)</FONT>	</TD>
	<TD  width=5% valign="top">&nbsp;	</TD>
	<TD width=30% align=center valign="top">
<FONT size=1 face="serif">(IRS Employer Identification No.)</FONT></TD>
</TR>
<TR>
	<TD width="30%" align="center" valign="top">&nbsp;	</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD width="30%" align="center" valign="top">&nbsp;</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD width="30%" align="center" valign="top">&nbsp;</TD>
</TR>
<TR>
	<TD width="30%" align="center" valign="top">&nbsp;	</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD width="30%" align="center" valign="top">&nbsp;</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD width="30%" align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=center valign="top">
<B><FONT size=2 face="serif">1585 Broadway, New York, New York</FONT></B></TD>
	<TD  width=5% valign="top">&nbsp;	</TD>
	<TD width=30% align=center valign="top">&nbsp;	</TD>
	<TD  width=5% valign="top">&nbsp;	</TD>
	<TD width=30% align=center valign="top">
<B><FONT size=2 face="serif">10036</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=center valign="top">
<FONT size=1 face="serif">(Address of Principal Executive Offices)</FONT></TD>
	<TD  width=5% valign="top">&nbsp;	</TD>
	<TD width=30% align=center valign="top">&nbsp;	</TD>
	<TD  width=5% valign="top">&nbsp;	</TD>
	<TD width=30% align=center valign="top">
<FONT size=1 face="serif">(Zip Code)</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width=100%>
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area
code: (212) 761-4000</FONT></TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><FONT size=2 face="serif">Not Applicable</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<FONT size=2 face="serif">(Former Name or Former Address, if Changed Since Last
Report)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center><HR align="center" width="17%" size=1 noshade></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=5>
<TR valign="bottom">
  <TD width=8% align=center valign="top"><font size="3" face="Wingdings">o</font></TD>
	<TD width=92% align=left valign="top">
<FONT size=2 face="serif">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=8% align=center valign="top"><font size="3" face="Wingdings">o</font></TD>
	<TD width=92% align=left valign="top">
<FONT size=2 face="serif">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=8% align=center valign="top"><font size="3" face="Wingdings">o</font></TD>
	<TD width=92% align=left valign="top">
<FONT size=2 face="serif">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=8% align=center valign="top"><font size="3" face="Wingdings">o</font></TD>
	<TD width=92% align=left valign="top">
<FONT size=2 face="serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT>	</TD>
</TR>
</TABLE>
<BR>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>




<P align="left">
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9.01(d). Exhibits</FONT></B></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
	<TD width="5%" align="left" nowrap>
<FONT size=2 face="serif">8</FONT></TD>
	<TD width=95%><FONT size=2 face="serif">Tax Opinion of Davis Polk &amp; Wardwell,
	    dated December 7, 2006, relating to the registrant&#146;s Global Medium-Term
	    Notes, Series F, Senior Notes, Leveraged Index-Linked Securities Linked
	    to an Index or a Basket of Indices, as described in the Prospectus Supplement
	    for Leveraged Index-Linked Securities dated December 1, 2006 and the
	    Prospectus dated January 25, 2006 related to Registration Statement No.
	    333-131266; Global Medium-Term Notes, Series F, Senior Notes, Principal
	    Protected Notes Linked to an Index or a Basket of Indices, as described
	    in the Prospectus Supplement for Principal Protected Notes dated December
	    1, 2006 and the Prospectus dated January 25, 2006 related to Registration
	    Statement No. 333-131266; Global Medium-Term Notes, Series F, Senior Notes,
	    Leveraged Index-Linked Securities Linked to an Index or a Basket of Indices,
	    as described in the Prospectus Supplement for Leveraged Index-Linked Securities
	    dated December 7, 2006 and the Prospectus dated January 25, 2006 related
	    to Registration Statement No. 333-131266; Global Medium-Term Notes, Series
	    F, Senior Notes, Principal Protected Notes Linked to an Index or a Basket
	    of Indices, as described in the Prospectus Supplement for Principal Protected
	    Notes dated December 7, 2006 and the Prospectus dated January 25, 2006 related
	    to Registration Statement No. 333-131266; and Global Medium-Term Notes,
	    Series F, Senior Notes, Review Notes Linked to an Index or Indices, as described
	    in the Prospectus Supplement for Review Notes dated December 7, 2006 and
	    the Prospectus dated January 25, 2006 related to Registration Statement
	    No. 333-131266.</FONT></TD>
</TR>
</TABLE>

<br>
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<br>
<br>




<P align="center">
<B><FONT size=2 face="serif">SIGNATURES</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=6%>&nbsp;	</TD>
	<TD align=left width=29%>&nbsp;	</TD>
	<TD  width=15%>&nbsp;	</TD>
	<TD colspan=3 align=left nowrap>
<FONT size=2 face="serif">MORGAN STANLEY</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=left width=6%>&nbsp;	</TD>
	<TD align=left width=29%>&nbsp;	</TD>
	<TD  width=15%>&nbsp;	</TD>
	<TD colspan="3" align=left nowrap>
<FONT size=2 face="serif">(Registrant)</FONT></TD>
  </TR>
<TR>
	<TD width="6%" align="left">&nbsp;	</TD>
    <TD width="29%" align="left">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%" nowrap>&nbsp;</TD>
    <TD width="7%" align="left" nowrap>&nbsp;</TD>
    <TD width="40%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6%>
<FONT size=2 face="serif">Date:</FONT>	</TD>
	<TD align=left width=29%>
<FONT size=2 face="serif">December 7, 2006</FONT></TD>
	<TD  width=15%>&nbsp;	</TD>
	<TD width=3% align=left nowrap>
<FONT size=2 face="serif">By:</FONT>	&nbsp;&nbsp;</TD>
	<TD colspan="2" align="left" nowrap><FONT size=2 face="serif">&nbsp;/s/ W. Gary Beeson</FONT></TD>
  </TR>
<TR>
	<TD width="6%" align="left">	</TD>
	<TD width="29%" align="left">
<HR align="left" width="60%" size=1 noshade>	</TD>
	<TD width="15%">&nbsp; </TD>
	<TD width="3%" nowrap>	</TD>
	<TD colspan="2" align="left" nowrap>
      <HR align="left" width="65%" size=1 noshade>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left width=6%>&nbsp;	</TD>
	<TD align=left width=29%>&nbsp;	</TD>
	<TD  width=15%>&nbsp;	</TD>
	<TD width=3% align=left nowrap>&nbsp;</TD>
	<TD  width=7% align="left" nowrap><font size=2 face="serif">Name:</font> </TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">W. Gary Beeson</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6%>&nbsp;	</TD>
	<TD align=left width=29%>&nbsp;	</TD>
	<TD  width=15%>&nbsp;	</TD>
	<TD width=3% align=left nowrap>&nbsp;</TD>
	<TD  width=7% align="left" nowrap><font size=2 face="serif">Title:</font> </TD>
	<TD align=left width=40%>
<FONT size=2 face="serif">Assistant Secretary and Counsel</FONT></TD>
</TR>
</TABLE>
<BR>

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<PAGE>
<br>
<br>

<TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" align="center" valign=top nowrap><p align="center"> <b><font size=2 face="serif">INDEX
    TO EXHIBITS</font></b></p></TD>
  </TR>
<TR>
  <TD align="left" valign=top nowrap>&nbsp;</TD>
  <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD align="left" valign=top nowrap><u><font size=2 face="serif">Exhibit No.</font></u></TD>
  <TD width=90% align="center" valign="top"><u><font size=2 face="serif">Description</font></u></TD>
</TR>
<TR>
  <TD width="10%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width=90% align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
	<TD width="10%" align="left" valign=top nowrap>
<FONT size=2 face="serif">8</FONT></TD>
	<TD width=90% align="left" valign="top"><FONT size=2 face="serif">Tax Opinion
	    of Davis Polk &amp; Wardwell, dated December 7, 2006, relating to the registrant&#146;s
	    Global Medium-Term Notes, Series F, Senior Notes, Leveraged Index- Linked
	    Securities Linked to an Index or a Basket of Indices, as described in the
	    Prospectus Supplement for Leveraged Index-Linked Securities dated December
	    1, 2006 and the Prospectus dated January 25, 2006 related to Registration
	    Statement No. 333-131266; Global Medium-Term Notes, Series F, Senior Notes,
	    Principal Protected Notes Linked to an Index or a Basket of Indices, as
	    described in the Prospectus Supplement for Principal Protected Notes dated
	    December 1, 2006 and the Prospectus dated January 25, 2006 related to Registration
	    Statement No. 333- 131266; Global Medium-Term Notes, Series F, Senior Notes,
	    Leveraged Index- Linked Securities Linked to an Index or a Basket of Indices,
	    as described in the Prospectus Supplement for Leveraged Index-Linked Securities
	    dated December 7, 2006 and the Prospectus dated January 25, 2006 related
	    to Registration Statement No. 333-131266; Global Medium-Term Notes, Series
	    F, Senior Notes, Principal Protected Notes Linked to an Index or a Basket
	    of Indices, as described in the Prospectus Supplement for Principal Protected
	    Notes dated December 7, 2006 and the Prospectus dated January 25, 2006 related
	    to Registration Statement No. 333- 131266; and Global Medium-Term Notes,
	    Series F, Senior Notes, Review Notes Linked to an Index or Indices, as described
	    in the Prospectus Supplement for Review Notes dated December 7, 2006 and
	    the Prospectus dated January 25, 2006 related to Registration Statement
    No. 333-131266.</FONT></TD>
</TR>
<TR>
  <TD align="left" valign=top nowrap>&nbsp;</TD>
  <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD align="left" valign=top nowrap>&nbsp;</TD>
  <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD align="left" valign=top nowrap>&nbsp;</TD>
  <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD align="left" valign=top nowrap>&nbsp;</TD>
  <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD align="left" valign=top nowrap>&nbsp;</TD>
  <TD align="left" valign="top">&nbsp;</TD>
</TR>
</TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8
<SEQUENCE>2
<FILENAME>dp04203_ex08.htm
<TEXT>
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<blockquote>
  <p align="right"><FONT size="2" face="serif">Exhibit 8</FONT>
  </p>
</blockquote>
  <div align="center">
    <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=8 WIDTH=75%>
      <TR>
        <TD VALIGN="TOP" COLSPAN=3>
          <P ALIGN="CENTER"><font size="5" face="EngraversGothic BT,Arial">DAVIS
          POLK &amp; WARDWELL</font></TD>
      </TR>
      <TR>
        <TD WIDTH="27%" rowspan="5" align="center" VALIGN="TOP"><FONT FACE="EngraversGothic BT,Arial" SIZE=1>1300
          I STREET, N.W.<br>
          WASHINGTON, D.C. 20005
          <br>
          ________<br>
          <br>
          1600 EL CAMINO REAL<br>
          MENLO PARK, CA 94025<br>
        ________<br>
        <br>
        99
        GRESHAM STREET<br>
        LONDON EC2V 7NG<br>
        ________<br>
        <br>
        15,
        AVENUE MATIGNON<br>
        75008 PARIS</FONT></TD>
        <TD WIDTH="44%" align="center" VALIGN="top">
          <P ALIGN="CENTER"><FONT size="3" FACE="EngraversGothic BT,Arial">450 LEXINGTON AVENUE<BR>
            NEW YORK, N.Y. 10017 </FONT><font face="EngraversGothic BT,Arial" size=1><br>
            212 450 4000<br>
            FAX 212 450 3800 <br>
            </font></TD>
        <TD WIDTH="29%" rowspan="5" align="center" VALIGN="TOP"><FONT FACE="EngraversGothic BT,Arial" SIZE=1>MESSETURM<br>
          60308 FRANKFURT AM MAIN<br>
          ________<br>
          <br>
          MARQU&#201;S DE LA ENSENADA, 2<br>
          28004 MADRID<br>
          ________<br>
          <br>
          1-6-1
          ROPPONGI<BR>
          MINATO-KU, TOKYO 106-6033 <br>
          ________<br>
          <br>
          3A CHATER
          ROAD<BR>
        HONG KONG </font></TD>
      </TR>
      <TR>
        <TD align="center" VALIGN="top"><font face="EngraversGothic BT,Arial" size=1><br>
        WRITER&#146;S DIRECT<br>
        <br>
        </font></TD>
      </TR>
      <TR>
        <TD WIDTH="44%" VALIGN="TOP">        </TD>
      </TR>
      <TR>
        <TD VALIGN="middle">&nbsp;</TD>
      </TR>
      <TR>
        <TD WIDTH="44%" VALIGN="TOP">
          <font face="EngraversGothic BT,Arial"><font size="1"></font></font></TD>
      </TR>
    </TABLE>
  </div>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50%>&nbsp;</TD>
	<TD align=left width=50%>
<FONT face="serif" size=2>December 7, 2006</FONT>	</TD>
</TR>
</TABLE>
<BR>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" align="left" valign="top"><font face="serif" size=2>Re:</font></td>
    <td width="95%" align="left" valign="top"><b><font face="serif" size=2>Prospectus
          Supplements for: Global Medium-Term Notes, Series F, Leveraged Index-Linked
          Securities Linked to an Index or a Basket of Indices filed by Morgan
          Stanley dated December 1, 2006; Global Medium-Term Notes, Series F,
          Principal Protected Notes Linked to an Index or a Basket of Indices
          filed by Morgan Stanley dated December 1, 2006; Global Medium-Term
          Notes, Series F, Leveraged Index- Linked Securities Linked to an Index
          or a Basket of Indices filed by Morgan Stanley dated December 7, 2006;
          Global Medium-Term Notes, Series F, Principal Protected Notes Linked
          to an Index or a Basket of Indices filed by Morgan Stanley dated December
          7, 2006; and Global Medium-Term Notes, Series F, Review Notes Linked
    to an Index or Indices filed by Morgan Stanley dated December 7, 2006</font></b></td>
  </tr>
</table>
<br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=100%>
<FONT face="serif" size=2>Morgan Stanley</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100%>
<FONT face="serif" size=2>1585 Broadway</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100%>
<FONT face="serif" size=2>New York, NY 10036</FONT>
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100%>
<FONT face="serif" size=2>Ladies and Gentlemen:</FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif" size=2>We have acted as tax counsel for Morgan Stanley (the &#147;Company&#148;) in connection with the preparation and filing of a form of prospectus supplement for:</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" align="left" valign="top"><FONT face="serif" size=3>&#149;</FONT></td>
    <td width="95%" align="left" valign="top"><p><font face="serif" size=2>Global
          Medium-Term Notes, Series F, Leveraged Index-Linked Securities Linked
          to an</font> <font face="serif" size=2>Index or a Basket of Indices
    filed by Morgan Stanley dated December 1, 2006;</font></p></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><FONT face="serif" size=3>&#149;</FONT></td>
    <td align="left" valign="top"><p><font face="serif" size=2>Global Medium-Term
          Notes, Series F, Principal Protected Notes Linked to an Index or a</font> <font face="serif" size=2>Basket
    of Indices filed by Morgan Stanley dated December 1, 2006;</font></p></td>
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    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
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    <td width="5%" align="left" valign="top"><FONT face="serif" size=3>&#149;</FONT></td>
    <td align="left" valign="top"><p><font face="serif" size=2>Global Medium-Term
          Notes, Series F, Leveraged Index-Linked Securities Linked to an</font> <font face="serif" size=2>Index
    or a Basket of Indices filed by Morgan Stanley dated December 7, 2006;</font></p></td>
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    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
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    <td width="5%" align="left" valign="top"><FONT face="serif" size=3>&#149;</FONT></td>
    <td align="left" valign="top"><p><font face="serif" size=2>Global Medium-Term
          Notes, Series F, Principal Protected Notes Linked to an Index or a</font> <font face="serif" size=2>Basket
    of Indices filed by Morgan Stanley dated December 7, 2006; and</font></p></td>
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    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
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    <td width="5%" align="left" valign="top"><FONT face="serif" size=3>&#149;</FONT></td>
    <td align="left" valign="top"><p><font face="serif" size=2>Global Medium-Term
          Notes, Series F, Review Notes Linked to an Index or Indices filed</font> <font face="serif" size=2>by
    Morgan Stanley dated December 7, 2006</font></p></td>
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<FONT face="serif" size=2>(collectively, the &#147;Prospectus Supplements&#148;) supplementing the registration statement on Form S-3, including the prospectus dated January 25, 2006 (the &#147;Prospectus&#148;), for the purpose of </FONT></P>

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<FONT face="serif" size=2>Morgan Stanley</FONT>	</TD>
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<FONT face="serif" size=2>2</FONT>	</TD>
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<FONT face="serif" size=2>December 7, 2006</FONT>	</TD>
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<FONT face="serif" size=2>registering under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), the issuance from time to time of the Company&#146;s Series F Global Medium-Term Notes, Leveraged Index-Linked Securities Linked to an
Index or a Basket of Indices, Series F Global Medium-Term Notes, Principal Protected Notes Linked to an Index or a Basket of Indices and Series F Global Medium-Term Notes, Review Notes Linked to an Index or Indices.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif" size=2>We  have reviewed the
discussions set forth under the caption &#147;United States Federal Taxation&#148; in
the Prospectus Supplements and the Prospectus, and are of the opinion that such
discussions are accurate subject to the conditions and limitations set forth
therein.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif" size=2>We are members of the Bar of the State of New York. The foregoing opinion is based upon and limited to the United States federal tax law as contained in the Internal Revenue Code of 1986, as amended,
Treasury regulations, administrative decisions and court decisions as of the date of this letter.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif" size=2>We hereby consent to the use of our name under the caption &#147;United States Federal Taxation&#148; in the Prospectus Supplements. The issuance of such consent does not concede that we are an
&#147;Expert&#148; for the purposes of the Securities Act.</FONT></P>
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<FONT face="serif" size=2>Very truly yours,</FONT>	</TD>
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  <TD align=left><FONT face="serif" size=2>/s/ Davis Polk &amp; Wardwell</FONT></TD>
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