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Sunday, November 27, 2022 2:44:26 PM
What you say is true, but I believe investors are not notified of their shares being lent if they're in a margin account, as mine are at Fidelity. Even if the shares have been loaned out I still get the proxy to vote on, which I do. I frankly don't know if Fidelity sees to it that more shares aren't voted than those actually owned, and I doubt if other brokerages do any more than Fidelity does about it.
I've not checked into it, but frankly I'm unsure if at any given instant I can get an accounting of whether my shares have been lent out or not. On the other hand if I agree to be paid for allowing my shares to be lent out I understand that I'll be notified if they have been. If I'm paid for lending my shares out I cannot vote them, but at least I know their status.
I frankly believe that the Brokerages know that many investors never vote their shares and that gives them the flexibility not to be overly concerned about more shares being voted than what's legitimately owned. It's frankly a lack of concern about naked shorts by the SEC that permits the flexibility the brokerages and MM's seem to have.
I previously mentioned SGEN, I have no idea how large the total naked shorting is, but for years the Institutional ownership has outnumbered the authorized shares, and there is no accounting for how many other shares are in individual accounts, but you know it's not zero. I have a belief that roughly 20 to 40% of their shares may be naked shorting, perhaps by the MM's. This has been the case for years, clearly the authorities don't care.
Gary
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