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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]
You could speculate on oil futures using the crude oil futures contract (code: CL) traded on the New York Mercantile Exchange. The contract represents 1,000 barrels of West Texas Intermediate oil ...
Cadwalader, Wickersham & Taft LLP (known as Cadwalader) is a white-shoe law firm based in New York City. It is the city's oldest law firm [4] [5] and one of the oldest continuously operating legal practices in the United States. [6] Attorney John Wells founded the practice in 1792.
NEW YORK (Reuters) -Gemini Trust Company agreed to pay a civil penalty of $5 million to settle U.S. Commodity Futures Trading Commission charges in connection with statements it made in connection ...
Salinas-based international food production giant Taylor Farms had announced a recall on four onion products 'due to potential E. coli contamination.' As FDA probes source of national E. coli ...
In the United States in 1956, commodities traders Sam Siegel and Vincent Kosuga bought up large quantities of onions and then flooded the market as part of a scheme to make money on a short position in onion futures. [34] This sent the price of a 50-pound bag of onions down to only 10 cents, less than the value of the empty bag.