Not sure the maths is right

Laura Walters of Fairfax launches a thinly veiled outrage attack on our banks, what I shall now call “outrage journalism”

New Zealand’s main banks made $2.13 a day for every man, woman and child in the country in the three months to December 31.

That compares with $1.93 in the September quarter, but is well down on the $2.87 earned in the December 2011 quarter.

The latest KPMG Financial Institutions Performance Survey shows net profits for the December quarter at the country’s main retail banks were $855 million, up 10.5 per cent on the previous quarter.

I’m not sure the maths is right. Let’s examine. 

Population of New Zealand: 4,404,000 or there abouts

4,404,000 x $2.13 = $9,380,520 per quarter.

$9,380,520 x 4 quarters = $37,522,080 across all banks.

But hang on a minute…Laura Walters claims that net profits were $855 million….where is the missing $818 million from their calculations. Bear in mind too that teh $855 million is the result of just one quarter. It looks like Fiarfax and their junior reporter are out by far more than I first thought.

Even if she was out by a factor of 10 the sums still don’t add up.

Dodgy data is dodgy data, the story is a manufactured piece of unadulterated bullshit. Laura Walters clearly knows something we don’t know…either the population of New Zealand is vastly under reported or she is shit at maths.

 


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.

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