This doozy of a form requires them to marshal 41 months of phone bills, tally the tax paid each month, group those taxes into 14 chunks, and then calculate interest on their rebate for each of the 14 chunks using a different multiplier.
As a big investor, the fund could demand that the broker handling the short sale rebate to the fund a portion of the interest the broker earned by investing the proceeds of the short sale.
We've crunched some numbers to illustrate how, for those who carry a balance over each month, even a better-than-average rebate can leave you no better off than a low-interest rate card.