Although it looks like the bolt is going through the frame in the picture, it's actually set into the outer bracket. There are two problems that I can see however.
1) There should be two bolts holding the L bracket to the clamp strap, I only see one.
2) The L bracket is definitely set too high, the bar should be parallel to the frame. It needs to come down a hole or two.
This is eventually what you want to see, Equalizer has some great videos available that show exactly what to do.