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The Onion Futures Act is a United States law banning the trading of futures contracts on onions as well as "motion picture box office receipts". [1] In 1955, two onion traders, Sam Siegel and Vincent Kosuga, cornered the onion futures market on the Chicago Mercantile Exchange. The resulting regulatory actions led to the passing of the act on ...
Vincent W. Kosuga (January 17, 1915 – January 19, 2001) [1] was an American onion farmer and commodity trader best known for manipulating the onion futures market.Public outcry over his practices led to the passing of the Onion Futures Act, which banned the trading of futures contracts on onions.
At the time he was first hired, the most traded products on the Chicago Mercantile Exchange were futures and options on onions, followed by potatoes and eggs. [8] In 1955 two onion traders, Sam Seigel and Vincent Kosuga cornered the onion futures market and then drove onion prices in order to profit from a short positions that they held.
In the late 1950s, United States onion farmers alleged that Sam Seigel and Vincent Kosuga, Chicago Mercantile Exchange traders, were attempting to corner the market on onions. Their complaints resulted in the passage of the Onion Futures Act, which banned trading in onion futures in the United States and remains in effect as of 2024. [5]
Many of his articles continue to be widely used in courses on futures markets. He published a 1963 study concluding that the Onion Futures Act, which was designed to prevent market manipulation in onion prices by banning onion futures trading, had actually increased onion price volatility.
A company affiliated with conspiracy theorist Alex Jones asked a federal judge on Monday to disqualify a bid by the satirical news outlet The Onion to buy Jones' Infowars at a bankruptcy auction ...
Good afternoon, Chicago. Chicago rapper Lil Durk is scheduled to appear in a federal courtroom in Los Angeles for an arraignment on murder-for-hire charges today, three weeks after his dramatic ...
This sent the price of a 50-pound bag of onions down to only 10 cents, less than the value of the empty bag. [1] [2] Effectively, the price of the onions was negative. [3] The incident led to the passing of the Onion Futures Act. The video game crash of 1983 was largely caused by excess inventory of low-quality games.