1. (a) Why is Morgan Stanley going public? Do they need capital yes, no, it depends? What is your evidence -- what financial ratios and current or planned corporate strategies are relevant? (b) Does Rule 415 have anything to do with the decision? Or with the timing of the decision? (c) What alternative approaches were taken by Goldman Sachs? Kidder Peabody? Dillon Reed? (Use data in the case. .) Why did Morgan Stanley not take one of these other approaches?