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Two years later, Buffett again targeted the “gamblification” of financial markets in his annual shareholder letter.
“Markets now exhibit far more casino-like behavior than they did when I was young. The casino now resides in many homes and daily tempts the occupants,” Buffett wrote, noting that extreme volatility makes identifying sound, long-term investments vastly more difficult.
“One fact of financial life should never be forgotten. Wall Street–to use the term in its figurative sense–would like its customers to make money, but what truly causes its denizens’ juices to flow is feverish activity. At such times, whatever foolishness can be marketed will be vigorously marketed–not by everyone but always by someone,” Buffett warned.
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Also, Stephen Cloobeck, a billionaire and 2026 California gubernatorial candidate, purchased approximately $10,000 in contracts tied to his campaign. He was fined $31,770 and suspended for three years.
Each settlement involved cooperation with Kalshi’s investigation.
What distinguishes Santos’ penalty is the exchange’s allegation that he actively issued false or misleading statements to alter prices and profited materially, violating additional rules such as failure to cooperate and manipulative conduct.
About Dont Eat The Candy
Another proposed action from the leagues centres around the creation of a standardised, cross-operator reporting platform that will allow players, unions and leagues to “securely transmit verified evidence of threats” to state regulators.
Maloney leads an association that features sportsbook powerhouses such as DraftKings, FanDuel, Fanatics and Bet365.
“We welcome efforts by leagues, players and regulators to build on that work and make clear that harassment has no place in sports,” Maloney told iGB.
