The Onion Futures Act is a United States law banning the trading of futures contracts on onions.
In 1955, two onion traders, Sam Seigel 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 August 28, 1958. As of 2011, it remains in effect.
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Famous quotes containing the words onion, futures and/or act:
“Three meals of thin gruel a day, with an onion twice a week, and half a roll on Saturdays.”
—Charles Dickens (1812–1870)
“One of the things that is most striking about the young generation is that they never talk about their own futures, there are no futures for this generation, not any of them and so naturally they never think of them. It is very striking, they do not live in the present they just live, as well as they can, and they do not plan. It is extraordinary that whole populations have no projects for a future, none at all.”
—Gertrude Stein (1874–1946)
“Always strive to find out what to do by thinking, without asking anybody. If you continually do this, you will soon act like a grown-up woman. For want of doing this, a very great number of grown-up people act like children.”
—George Bernard Shaw (1856–1950)