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:
“But could a dream send up through onion fumes
Its white and violet, fight with fried potatoes
And yesterday’s garbage ripening in the hall,
Flutter, or sing an aria down these rooms
Even if we were willing to let it in,”
—Gwendolyn Brooks (b. 1917)
“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)
“The situation is that of him who is helpless, cannot act, in the event cannot paint, since he is obliged to paint. The act is of him who, helpless, unable to act, acts, in the event paints, since he is obliged to paint.”
—Samuel Beckett (1906–1989)