No more fancy CDS, naked short-selling

The repeal of the Glass-Steagall Act is the father of the R.E. crisis bankrupting millions.

Hedge funds and other big investors should be monitored to ensure that they don't accumulate "dangerous imbalances," while the trading and issuing of derivatives should be as strictly regulated as that of stocks, he wrote.

"Custom-made derivatives only serve to improve the profit margin of the financial engineers designing them," Soros said, reiterating his view that some derivatives, such as credit default swaps, should be outlawed.