Wall Street Roundup: Morgan Stanley’s turn. Goldman’s opportunism.

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Gold: Trading now at $1,418 per ounce, down 0.7% from Friday. Dow Jones industrial average: Trading now at 12,252.70, up 0.3% from Friday.

Morgan Stanley’s turn. After last week’s focus on Goldman Sachs Chief Executive Lloyd Blankfein, the insider trading trial of Raj Rajaratnam is expected to turn to tips from Goldman’s main Wall Street rival, Morgan Stanley.

Goldman’s opportunism. Goldman Sachs has ticked off the Internet provider Clearwire by dumping the company as a client so that it could start working for the company that Clearwire was in negotiations with, Sprint.

Wrong on Japan. A successful European hedge fund manager made all the wrong moves on Japan, buying just before the earthquake, and selling after the earthquake, but before the market rebounded, resulting in $300 million in losses.

The smallest culprit. No Wall Street executives have gone to jail for the mortgage crisis that crippled the economy, but Joe Nocera found one rather ordinary marathon runner who received a 21-month jail sentence for his minuscule role in the mortgage meltdown.

-- Nathaniel Popper