Waterhouse is making money off the shares lent to Macquarie for his fund which is what it's designed to do.
Quite possibly another related entity is picking them up cheap along the way and when BET pops he gets his money back who knows but he hasn't done anything illegal and plenty of companies do it.
Australian Super owns a huge chunk of SYR yet lend their shares which are used to short the stock on occaisions.
The public pressure may prompt Tom to ask for them back though
Bet your shorts, page-1411
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