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:
“I had rather munch a crust of brown bread and an onion in a corner, without any more ado or ceremony, than feed upon turkey at another man’s table, where one is fain to sit mincing and chewing his meat an hour together, drink little, be always wiping his fingers and his chops, and never dare to cough nor sneeze, though he has never so much a mind to it, nor do a many things which a body may do freely by one’s self.”
—Miguel De Cervantes (1547–1616)
“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)
“Paradoxically, the most constructive thing women can do ... is to write, for in the act of writing we deny our mutedness and begin to eliminate some of the difficulties that have been put upon us.”
—Dale Spender (b. 1943)