WhyDRS

"In a little-known quirk of Wall Street bookkeeping, when brokerages loan out a customer’s stock to short sellers and those traders sell the stock to someone else, both investors are often able to vote in corporate elections.

With the growth of short sales, which involve the resale of borrowed securities, stocks can be lent repeatedly, allowing three or four owners [or more] to cast votes based on holdings of the same shares.

The Hazlet, New Jersey–based Securities Transfer Association, a trade group for stock transfer agents, reviewed 341 shareholder votes in corporate contests in 2005. It found evidence of overvoting—the submission of too many ballots—in all 341 cases."

For the record, this article has been largely scrubbed from Bloomberg Markets' website, as well as the entire internet.