That 1% is the legitimate shorts. Naked shorts are over 25% of the float. One stunning example. Sept 08 1,200,000 shares trade that month over 900,000 were fail to delivers 75% of the volume. The stock at the beginning of the month was $1.50 by the end of the month it was at .90.
By the way I spoke to many attorneys at the SEC and they verify that is what is happening.