First of all I do not think your post is ridiculous as the world of MBA/MFin acceptance is a black box where very few people have ever gone.
Next, you need to realize that admissions to any of these competitive programs is always difficult, but not impossible. Columbia admits over 600 people a year to its full time program - so some people are getting in. You also need to realize that admissions is also not based alone on grades -- and while grades are an important aspect of demonstrating your academic abilities and potential, it is not the only aspect of your candidacy. Also, you still have time to prove your academic abilities and the good news is that most admissions officers look at your most recent grades (in your case your senior year) and weigh those much more than they do your earlier (freshman) grades. The reason they do this is that they understand the some students do not adjust well to school and/or they have misplaced priorities.
For these programs, you are also going to have to take either the GMAT or GRE. I am going to make the assumption that you perform pretty well on standardized tests as you got into Berkeley as an out of state student. The GMAT and GRE are not much different -- the test is adjusted in difficulty for a more mature and experienced student.
Lastly, keep on trying to enhance your candidacy with internships, campus/community leadership activities, research projects and other meaningful activities. These will further demonstrate your professional demeanor and potential.
Good luck, stay focused and do not let your nerves/emotions get the best of you.
Senior Admissions Consultant Manhattan Review
Manhattan Review GMAT Prep & MBA Admissions Consulting
Web: http://www.manhattanreview.com | Phone: +1.212.316.2000
Receive 20% off Admissions Consultings as GMATClub member!