An epic 1950s market manipulation scam made two CME traders rich, farmers broke, and onion futures banned in the United States. This is the story of the Onion Futures Act:pic.twitter.com/xkzsF6gdJ0
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The effect on CME was immediate. 20% of its business had been outlawed overnight. The exchange sued to block passage of the bill, but lost in court. CME would shrink to record low profits in the years that followed. Onion futures are still banned to this day.
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There was a great
@planetmoney podcast on it a while back:https://www.npr.org/sections/money/2015/10/14/448718171/episode-657-the-tale-of-the-onion-king … -
Thanks! ill give it a listen.
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