roc target price $1.51, page-32

BH,

I hadn't noticed the earlier post. Had a look at the more section and in this JPM state

"With us as your agent, you can confidently lend your securities to borrowers against the receipt of collateral, whether the securities are held in custody with J.P. Morgan or elsewhere. Moreover, our comprehensive resources and processes help assure that your investments are lent to creditworthy borrowers." Thus JPM act as agent for various investors including managed funds.

Also where do you get info that JPM holds 11% of ROC - the last substantial holder notice from JPM was in September 2008 and this showed they had dropped to 4% and ceased to be a substantial holder. Most of this is owned by JF Capital Partners which is a Aussie fund manager, so highly likely these shares are part of managed portfolios.

Agree it is likely that JPM may lend the 4% of stock that they hold - I just don't agree that they bought it for the purpose of lending out.