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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.
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]
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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.
Felicia Marcus, Former Chair of the California State Water Resources Control Board, explains that the state constitution includes a "prohibition against waste and unreasonable use."
California's price gouging laws make it unlawful to increase the rental price advertised, offered, or charged for housing by more than 10% after an emergency has been declared.
Cotton Futures Act; Cotton Futures Act of 1916; F. Food, Conservation, and Energy Act of 2008 ... H.R. 1003 (113th Congress) O. Onion Futures Act; R. Real prices and ...