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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]
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.
Onion Futures Act; R. Real prices and ideal prices This page was last edited on 16 January 2014, at 03:43 (UTC). Text is available under the Creative Commons ...
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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. The collapse of onion prices drove many onion farmers into bankruptcy. [9] A public outcry ensued among onion farmers who were left with large amounts of worthless ...
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.