Jim Galgano retired from Morgan Stanley last Wednesday where he was the head of pass-through trading, according to several MBS officials at the firm. Galgano had spent 24 years in the securities business. A call to his residence seeking comment was not returned by press time last Thursday. Galgano spent the majority of his career at Morgan Stanley, having gotten his start in the industry working in money markets at the Bank of New York. Through mid-2001, Galgano was actively involved trading 30-year conventional pass-throughs, but over the past 18 months, firm officials say he had assumed more of an administrative role. Paul Scialla, the firm's 30-year trader, declined to comment, saying, "we'll need about a week to finalize a decision."