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.
Famous quotes containing the words act, onion and/or futures:
“The last act is bloody, however pleasant all the rest of the play is: a little earth is thrown at last upon our head, and that is the end forever.”
—Blaise Pascal (16231662)
“Three meals of thin gruel a day, with an onion twice a week, and half a roll on Saturdays.”
—Charles Dickens (18121870)
“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 (18741946)