Buffett Blasts Wall Street as a Casino; Munger Attacks Robinhood

Wall Street’s encouragement of investors taking speculative and highly risky moves in their investments have made it more of a “gambling parlor,” Berkshire Hathaway CEO Warren Buffett said Saturday at their annual shareholder meeting.

Buffett, 91, lambasted Wall Street’s investment banks and brokerages and criticized how they generate revenue.

“Wall Street makes money, one way or another, catching the crumbs that fall off the table of capitalism,” he said. “They don’t make money unless people do things, and they get a piece of them. They make a lot more money when people are gambling than when they are investing.”