<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002883
<TYPE>FWP
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20061227
<DATE-OF-FILING-DATE-CHANGE>20061227
<SUBJECT-COMPANY>
<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>FWP
<ACT>34
<FILE-NUMBER>333-131266
<FILM-NUMBER>061300997
</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>
</SUBJECT-COMPANY>
<FILED-BY>
<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>FWP
</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>
</FILED-BY>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp04327_fwp-ps172.htm
<TEXT>

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<BODY bgcolor="#ffffff">



<P align="right">
<B><I><FONT size=2 face="serif">Filed pursuant to Rule 433</FONT></I></B><BR>
<B><I><FONT size=2 face="serif">Dated December 22, 2006</FONT></I></B></P>
<P align="right">
<B><I><FONT size=2 face="serif">Relating to</FONT></I></B><BR>
<B><I><FONT size=2 face="serif">Pricing Supplement No. 172 dated December 22, 2006 to</FONT></I></B><BR>
<B><I><FONT size=2 face="serif">Registration Statement No. 333-131266</FONT></I></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center><img src="mslogo.jpg"></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<I><FONT size=2 face="serif">G</FONT></I><I><FONT size=2 face="serif">LOBAL </FONT></I><I><FONT size=2 face="serif">M</FONT></I><I><FONT size=2 face="serif">EDIUM</FONT></I><I><FONT size=2 face="serif">-T</FONT></I><I><FONT size=2 face="serif">ERM
</FONT></I><I><FONT size=2 face="serif">N</FONT></I><I><FONT size=2 face="serif">OTES</FONT></I><I><FONT size=2 face="serif">, S</FONT></I><I><FONT size=2 face="serif">ERIES </FONT></I><I><FONT size=2 face="serif">G</FONT></I>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT size=2 face="serif">Reopening of</FONT></I></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
<B><I><FONT size=2 face="serif">Euro Floating Rate Senior Bearer Notes Due 2013</FONT></I></B>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><U><FONT size=2 face="serif">Euro Floating Rate Senior Bearer Notes Due 2013</FONT></U></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Issuer:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Morgan Stanley</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Principal Amount:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">&#128;300,000,000 (total outstanding &#128;2,800,000,000)</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Maturity Date:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">March 1, 2013</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Trade Date:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">December 22, 2006</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Original Issue Date (Settlement):</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">January 3, 2007</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Interest Accrual Date:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">December 1, 2006</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Issue Price (Price to Public):</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">99. 99%, plus accrued interest from and including December 1, 2006</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Agents&#146; Commission:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">0.30%</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">All-in Price:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">99.69%, plus accrued interest from and including December 1, 2006</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Net Proceeds to Issuer:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">&#128;299,070,000</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Base Rate:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">EURIBOR</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Spread (plus or minus):</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Plus 0.33%</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Index Maturity:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Three months</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Interest Payment Period:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Quarterly</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Interest Payment Dates:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Each March 1, June 1, September 1 and December 1, commencing March 1, 2007</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Initial Interest Rate:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">As determined by the Calculation Agent based on the
Base Rate on the second TARGET Settlement Day immediately prior to the Interest
Accrual Date.</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Initial Interest Reset Date:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">March 1, 2007</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Interest Reset Dates:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Each Interest Payment Date</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Interest Reset Period:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Quarterly</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Interest Determination Dates:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">The second TARGET Settlement Day immediately preceding each Interest Reset Date</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Specified Currency:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Euro (&#147;&#128;&#148;)</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Minimum Denomination:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">&#128;50,000 and integral multiples of &#128;1,000 in excess thereof</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Business Day:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">London, TARGET Settlement Day and New York</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Listing:</FONT></B>
	</TD>
	<TD  width=5%>&nbsp;
	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">London</FONT>
	</TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="top">
    <TD width=30% align=left> <B><FONT size=2 face="serif">Temporary Common Code:</FONT></B> </TD>
    <TD  width=5%>&nbsp; </TD>
    <TD width=65% align=left> <FONT size=2 face="serif">028103972</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD width=30% align=left> <B><FONT size=2 face="serif">Permanent Common Code:</FONT></B> </TD>
    <TD  width=5%>&nbsp; </TD>
    <TD width=65% align=left> <FONT size=2 face="serif">024583643</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD width=30% align=left> <B><FONT size=2 face="serif">Temporary ISIN:</FONT></B> </TD>
    <TD  width=5%>&nbsp; </TD>
    <TD width=65% align=left> <FONT size=2 face="serif">XS0281039726</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD width=30% align=left> <B><FONT size=2 face="serif">Permanent ISIN:</FONT></B> </TD>
    <TD  width=5%>&nbsp; </TD>
    <TD width=65% align=left> <FONT size=2 face="serif">XS0245836431</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD width=30% align=left> <B><FONT size=2 face="serif">Issuer Ratings:</FONT></B> </TD>
    <TD  width=5%>&nbsp; </TD>
    <TD width=65% align=left> <FONT size=2 face="serif">Aa3 / A+ / AA-</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD width=30% align=left> <B><FONT size=2 face="serif">Agents:</FONT></B> </TD>
    <TD  width=5%>&nbsp; </TD>
    <TD width=65% align=left> <FONT size=2 face="serif">Morgan Stanley &amp; Co.
        International Limited and such other agents as shall be named in the
        above-referenced Pricing Supplement</FONT> </TD>
  </TR>
</TABLE>
<P align="left">
<B><I><FONT size=2 face="serif">The issuer has filed a registration statement (including a prospectus) with the SEC for the offerings to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at </FONT></I></B><B><I><U><FONT size=2 face="serif">www.sec.gov</FONT></U></I></B><B><I><FONT size=2 face="serif">. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll free
1-866-718-1649</FONT></I></B><FONT size=2 face="serif">.</FONT></P>
<BR>
<P align="left">
<I><U><FONT size=2 face="serif"> <em><a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000147/jan2306_ps-gh.txt">Prospectus
Supplement Dated January 25, 2006 </a></em> <br>
<em><a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt">Prospectus
Dated January 25, 2006 </a></em> </FONT></U></I></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>mslogo.jpg
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end
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</DOCUMENT>
</SUBMISSION>
