I agree that it makes no sense but the lenders are making some money from a fee or arrangement with the borrowers. If it is an index fund then are the investors in the index fund aware that their fund manager is engaging in actions that are diminishing the value of the investment? I am sure there are some ambulance chasers that might be interested in starting a class action against a fund if they are lending shares.
It also amazes me that it is seen as legal to sell something you do not own. If I hire a car from a rental company and sell it to someone whilst I am renting it, then I finish up with free full board at the government's pleasure for theft. How is it different for shorters?
Running discussion on SP, page-5623
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