1.   A short-seller borrows shares of a stock, then sells them.

2.   Banks rose on as investors, who had borrowed shares betting they would fall, bought them back, traders said.

3.   A short sale of a stock involves borrowing shares and selling them, with a need to later purchase shares to repay the loan.

4.   A popular way to defer capital gains taxes on stock has been to borrow identical shares and sell them short.

5.   A short-seller borrows shares from a brokerage firm and sells them, hoping to buy them back later at a lower price and return them.

6.   Brokers who borrowed bank shares and sold them yesterday on expectations they would decline, were forced to buy them back today.

7.   Brokerage houses that deal in a particular stock can short it without borrowing the shares first.

8.   But for a short sale to be legal under securities regulations, an investor must either borrow the shares before selling them or already own them.

9.   But rather than sell their own shares, the Lauders borrowed shares from other family members and sold them.

10.   Generally, a short seller must borrow the shares from a broker before selling them.