TT MS Farewell- 2/5/05

----- Original Message -----
From: tom thees
To: Thees, Thomas (FID) ; tthees@comcast.net
Sent: Wednesday, February 02, 2005 1:24 AM
Subject: Fw: A Pre-Emptive Memo Announcement Regarding Super-Mega Centricity and its Future

Ok, I'm gonna keep this short!!!!!! Sure------
Choice-- you may skip the below commentary and just meet me at Scruffy's at 5:01pm---or enjoy one last discourse---and still meet me at Scruffy's!!!!!!

I would like to pre-empt you and any thoughts you have regarding me---I THANK YOU, my teammates, colleagues, sales, research, trading, analysts, support staff; in corporates, GHY, money markets around the world, and Gloria, Robinson, Tan, and Sylvie (our 2nd floor detail for food and cleaning team), and all our clients, both investors and issuers---

I owe you a huge debt of gratitude for your involvement in my joy and success over these past 16+ years at Morgan Stanley. While it is true that each of those years had its moments (don't believe me?? ask Coach!!!!), I am especially proud to have been part of, and a leader in, our team and franchise since I became head of Investment Grade Trading almost 5 years ago. Our business has seen unprecedented volatility and challenges (and opportunity!) like never before during these years. Through each of the past four years this team responded accordingly, and the results show. I am also proud to have lead our trading team through the tragedy of 9/11 and our response as individuals and a team. Anyone who was with our team during that time knows what I mean.

We had a bunch of fun thinking up new securities with new names (REPS, EXLs [hello Frank Dal Lago], serial puts, flip/flops) and words like
SUPER- MEGA CENTRICITY, ONENESS, and "an OPPORTUNITY of SUPREME EXCELLENCE" [circa 1994].
We had passion for the heart and soul of America, and we helped companies like Cummins Engine, Timken, GATX CAP, TTX Co and also larger ones like GMAC and Household Finance know that when THEY had a tough job to do , this MS team would come through. And we did, and still do.

While being thankful for what we have accomplished, I am most proud of HOW we accomplished it. We did it with professionalism, class, humility, ethically, and yes, always with consideration and priority for our client's interest.

So, if you are one of those receiving this rather impersonal email, please ACCEPT my very personal and sincere thanks for my priviledge to be associated with you.
It has been my pleasure, priviledge, and joy to be part of your team.

A brief summary of my parting thoughts----

FAVORITES
My Favorite Bond---Merck 5.36's of 2036--serial put's--issued at UST -55bp's (first corporate bond ever issued through UST's)

My Favorite Issuer (C'mon, you know when it comes to clients you can't show favorites--they are all my favorites!!!!!!)

My Favorite Food--- Steak, nah!!!! , Lobster, nah!!!! CHOCOLATE!!!!!!!!!!, you know when it comes to food i cannot resist Chocolate----

My Favorite Trade--Your only as good as your last one!!!!!!, and my last one of any size is MMC in OCT '04 with Rich Roche and Willie Alford--We will be sellers of this as we get closer to Libor +50 area----entry levels between L+200-300--Nice job Rich and Willie!!!!!

My Favorite Sector--- I' ve seen the auto's, industrials are fun, utilities are interesting, TMT is Jason's domain (Skove brother???), I have owned a EETC for 3 years now and am still waiting to get paid, and yes, last, but not least, the TIER 1 Japanese Bank with a double twist of lemon and topped off w an insurance cap security is always a nice cup of tea---but people ask me why i like the short end (as defined by me as 5 year and in, all floaters, and anything else that moves and is unclaimed like the recent FNMA Preferred)---WHY---because it has IT ALL ---ALL THE ABOVE wrapped into a boring, dominating, volume enhancing, opportunity enticing, CLIENT CENTRIC sector like no other-----You always have something to do and someone who needs you in the SHORT END--GIC's Banks, AUTO's--bring it on!!!!!!!!!

My Favorite Bond Songs----
Oh', think twice, before you buy another bond on Steve's advice (to Phil Collins)

We're an American Brand!!!! we're coming to your house, we'll (Grand Funk Railroad)

You use to, laugh about, everbody else's bonds that were--- widenin out---Now you don't , talk so LOUD, now you don't, feel so proud, having to scrounge around, for your next bid----how does it feel !!!!!!!!!!!!!!!!!! yes, to Bob Dylan's 'Like a Rolling Stone'

In summary------

Buying pizza lunch for the floor -- $230.00
Buying flip chairs so people could sit when visiting without screwing up the row- $280.00
Buying Dave Murphy's kids a dog named MAC--$700 (split w Murph)
Taking my son (and myself) to our first Super Bowl to cap off a 16+ year MS career-----PRICELESS!!!!!!!!!!!!

I said short, and short it is---

In the 1981 film "Chariots of Fire", the runners pursued their passion " by seeing running and winning as a way to honor God".
Although not as dramatic, and not in any Olympics, I have been blessed to be involved in a passion that has focused on running and winning for our clients. And I have had the priviledge of putting my honor where it needs to be ----Thank you!!!!!!! My mother always told me I was destined for Broadway---??? little did she know.

I leave here today with a sincere joy at having honored God in my efforts as your teammate---and knowing that you, who I leave, KNOW that in my opinion the only REAL way to win in our business is to SERVE THE CLIENT---

Lastly, ------

To any spouses/significant others OF MY TEAMMATES, THANKS TO YOU AS WELL---My teammates WOULD NOT have been HALF THE TEAMMATES THEY ARE, AND I WOULD NOT HAVE BEEN 1/4 OF WHAT I AM, WITHOUT OUR SIGNIFICANT OTHERs' MAKING ALL THAT NEEDS TO HAPPEN ACTUALLY HAPPEN---

For ME, that my wife of 23 years LIZ, and my pride and joys Camy, Allie, and Matt understood and supported me in all that I endeavored on behalf of our franchise is something that no thanks can even rationalize---Ultimately, I owe them all the joy I have.

two rules---yeah, they are my FAVORITE's too----

YOU GOTTA BE RIGHT!!!!!!!!!!!!!!!!!!
THE CLIENT COMES FIRST!!!!!!!!!SECOND!!!!!!!!! and THIRD!!!!!!!!!!!!! You only WIN when you SERVE!!!!!!!!!!!!!!!!


RUN and WIN-

Your Fan for LIFE!!!!!!!!!!!

Peace, always-
TT

PS.
People have inquired as to my future-----so please let me elaborate---!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I have seen the future of rock and roll, and his name is Bruce Springsteen!!!!!!!!!!!!! Jon Landau, 1974

I have seen the future of bond trading, and its name is __________________--Tom Thees, 2005

Wherever I am, the future is ours----
TT


Ok, one more thought---from a song that was dedicated to me and my boys from St Joe's of Toms River, NJ on 5/16/99--

They scream your name at night in the street
Your graduation gown lies in rags at their feet
And in the lonely cool before dawn
You hear their engines roaring on
But when you get to the porch they're gone
On the wind, so Mary climb in
It's a town full of losers
And I'm pulling out of here to win.

Run and Win
TT