BofA corrupt?

You know I have tried to keep quiet during this so-called recession until now but I saw a TV commercial tonight that peaked my curiosity and then I looked and then I became outraged and so should you!

BofA claims on the TV commercial I saw tonight (6/7/09) to have lent 1.4 billion in home loans over the last quarter. Sounds pretty good, huh?

Well myself being a sort of a smart guy and pretty good with numbers this sort of sounded funny. So I walked to my computer and hit the good old calculator and guess what. This really didn’t surprise me but that the number was so ridiculous that I just about popped an aneurism.

Here it is, check it out. Here’s the number $1.4 billion. ($1,4000,000,000.00). Now do me a little favor. Divide that into an average quarter. 120 days. Now you’ll get another number. 11.6 million dollars per day. ($11,600,000.00). Now here’s where it starts to get really hilarious. I thought, gee, that doesn’t really sound like a lot of money for a big bank like BofA, does it? But then I thought, how many mortgages  is that anyhow? So I divided that number, ($11,600,000.00) into the average home price, ($100,000.00) and I saw that BofA is helping finance a total of 116 homes per day, or thereabouts.

So then I really thought, wow, that doesn’t sound like really that much does it? So I thought how many branches does good old BofA have anyway? Guess what? I searched for almost an hour and could not find out how many. Apparently even BofA don’t know how many. But that’s cool, I just wanted a sort of general idea so I just did some averaging. I could not really say for sure but I thought gee wizz BofA has at least 50 branches per state and there are 50 states so that’d be about 2500 branches.

 So okay, let’s take our BofA published number of daily homes mortgaged and divide that into 2500. Hmmm. Divide 116 by 2500 equals 0.0464. Ouch, this is really confusing, no? Let’s put it another way, let’s just divide the number of loans per day into the number of States we have here. 116 divided by 50 equals 2.32.

 Now I know this is probably a gross underestimate but now do you really want to laugh (or cry)? Do me just one more little favor, think 2.32 loans per state per day? Or even think 3 loans per state per day. What a total joke!

 BofA thinks you are an idiot. I hope you realize this. Send your comments; it’s the only way you can help make things better!