There's no point telling JPM to stop renting out stock... the JPM you see in the top 20 holders is the custody business, not the beneficial owners. That is, a large index portfolio may use JPM as custodian (and ETFs etc). These are the ones authorising JPM to run a securities lending program over their holdings. GXY lending is particularly lucrative, a lender can get best part of 8-10% annualised, as opposed to the typical 0.4-0.5% on most stocks... they get the high rate because borrow in GXY is keenly sought after, as evidenced by its high short interest. If you're right about the stock, it won't matter what the short position is as its true value will be revealed.
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