George Soros wants to outlaw credit default swaps

Billionaire George Soros, one of the smartest investors ever, today made headlines again when he called for credit default swaps to be outlawed.

"Some derivatives ought not to be allowed to be traded at all. I have in mind credit default swaps. The more I've heard about them, the more I've realized they're truly toxic," Reuters quotes the Hungarian-born businessman as telling an international banking conference in Beijing.