How the Online Pass is Costing Publishers Money

I personally haven't put a whole lot of thought into the whole "online pass" trend. I mean, don't get me wrong, I think it's complete bullshit that publishers and developers think that once they sell a game, they should get a percentage of money every time said game finds a new home or is loaned to a friend. You only get to sell something once, after you sell something it no longer belongs to you and therefore you don't get a say in what happens to it.
But that's a rant for another day.
I recently had my first run-in with the online pass when I decided to loan my copy of Battlefield 3 to my cousin. I tend to be more of a Call of Duty guy, but I also enjoy some Battlefield multi from time to time. My cousin, on the other hand, is a Battlefield guy but hadn't had the money to buy the game yet, and since I wasn't playing it, I let him borrow it.
When I talked to him a few days later and asked how he liked the game, he told me that he was unable to play the multiplayer (the sole reason that he borrowed it) because it required him to purchase an online pass for $10 since he wasn't the original owner. I had completely forgotten about the online pass, even though I entered the code for it when I first opened the game. Needless to say, he was calling bullshit on the whole "online pass" thing, and I couldn't blame him.
Ultimately EA's online pass drove him back into the arms of Modern Warfare 3. He made it clear that he wasn't willing to pay the ten extra dollars just to play online, and since the whole situation had left a sour taste in his mouth, he probably wasn't going to buy the game at all. He was enjoying Modern Warfare 3 and would just stick to that.
Now obviously this is just one case and not necessarily indicative of the whole world at large, but I have to wonder how many times similar situations have gone down. Because gaming is my primary hobby I buy a lot of games. Because I can't play all these at once I end up loaning them out to all of my friends, and many times if they enjoy a game they've borrowed from me, they purchase it themselves. But if more and more game makers continue putting in these online passes that only allow the original buyer to play the game online, I can see this causing people that may have otherwise borrowed - and eventually bought - a game, to find the game to be more trouble than it's worth.
I don't mind things like season passes or premium CoD Elite memberships where you're given the option to plunk down your hard earned cash for a full year of DLC in advance. But to lock out anyone but the original buyer of the game from certain features, and expect anyone else that comes into ownership of the game to pay extra money to use said features, is greed at it's ugliest.