Munger on Goldman

Charlie Munger, Mr. Buffett's longtime business partner at Berkshire's helm who shares the stage with him at the meeting, will likely have some choice words for Wall Street.

While Mr. Munger thinks Goldman did nothing illegal, the firm was engaged in "socially undesirable" activities, he said in an interview after the SEC lawsuit was filed.

"They were very competitive in maximizing profits in a competitive industry that was permitted to operate like a gambling casino," Mr. Munger said. "The whole damn industry lost its moral moorings."

He added that he believes Goldman is "more prudent and ethical" than other big Wall Street banks.

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