TAKE A BREAK
APPLES BASKETBALL BLACK FRIDAY
ELECTION KINDNESS LEAVES NAP PARADE PIE SCORPIO TOPAZ VETERAN
THE GREAT ONION MARKET MELTDOWN How 2 Men Peeled the System
Many Americans like to invest in the stock market, hoping to earn supplemental income or get rich. But there’s always the fear that a hedge fund or an extremely wealthy influencer could manipulate the market, allowing them to get rich off their stocks while everyone else suffers and loses money. In theory, nobody should have the power to manipulate stocks, but it still happens. One of the most extraordinary market manipulations occurred in the 1950s. In 1955, onion futures became one of the most traded commodities on the Chicago Mercantile Exchange. For those unfamiliar with futures trading, someone could sell their product months down the line for the price it’s worth today, as long as someone buys the contract. For example, let’s say wheat is trading at $5.50 per bushel right now. You purchase a futures contract to lock in that price three months later. If the price rises, you still get wheat for the initial cost, or you can sell your contract for a profit. New York-based investors Sam Siegel and Vincent Kosuga realized they could get rich quickly by manipulating the surging onion market of the 1950s. They purchased 30 million pounds of onions, almost all of Chicago’s inventory, to short- sell the stock. This meant they would sell the stocks at a higher price before rebuying them when the price dipped. They knew they could profit since they owned 98% of the inventory. After flooding the market with their onions and onion futures contracts, the price per bag dropped from $2.74 to 10 cents. Farmers were furious. Many lost their livelihood, but Siegel and Kosuga made millions. While market manipulation was unethical, it wasn’t illegal back then, so the two couldn’t be punished for their actions. To ensure this never happened again, Congress passed the Onion Futures Act in 1958, which completely banned trading in onion futures. President Eisenhower signed the bill into law. To this day, onions are the only commodity in America that is explicitly banned from futures trading.
Pumpkin Dump Cake
Ingredients
• 1 (15 oz) can pure pumpkin • 1 (10 oz) can evaporated milk • 1 cup light brown sugar • 3 eggs • 1 tbsp pumpkin pie spice
• 1 box yellow cake mix • 1 cup coarsely crushed
graham crackers or pecans • 1/2 cup toffee bits (optional) • 1 cup (2 sticks) butter, melted
Directions 1. Preheat oven to 350 F. Coat a 9x13-inch baking pan with nonstick spray and set aside. 2. In a large bowl, add pumpkin, evaporated milk, sugar, eggs, and pumpkin pie spice. 3. Stir to combine and pour into the prepared pan. 4. Sprinkle the entire box of cake mix on top, followed by nuts or graham crackers and toffee bits. 5. Pour melted butter evenly on top. 6. Bake for 45–50 minutes, until the center is set and edges are lightly browned. 7. Serve warm or at room temperature.
Inspired by CookiesAndCups.com
SosaLegal.com | 3
Published by Newsletter Pro • newsletterpro.com
Made with FlippingBook Ebook Creator