Monday, December 15, 2008

UPDATE: I stand corrected…

I have double checked these figures. It is even less than orginally thought. The actually number is o.ooo7% (actually based on total funds loaned to Republic 1.75 million, not 1.7 million as I orginally stated - but $400,000 was contributed by Chase, so B of A itself contributed 1.71 million). It would be intresting to figure out an estimate of the interest the bank will likely make on its money (or our money I should say)..

My fellow Wobbly from Minneapolis took my challenge and calculated what percent of the 25 billion dollars Bank of America received in federal bailout money was spent to pay the workers at Republic Windows & Doors what they were due under law. His calculations come out to 0.0068 percent. So I feel I owe Congressman Gutierrez and B of A and apology for my previous sarcasm. I now see the light. B of A spent less than one hundredth of a percent of our taxpayer dollars to give the Republic workers what they were legally due and it may take them months, or perhaps years to get that money back from Republic management with interest. The generosity of B of A is truly astounding.

Does anyone want to double check Nate’s figures? Come on all you math whizzes out there.

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