Bank of America (NYSE:BAC) hedge restatement

Bank of America will restate earnings to comply with evolving interpretations of SFAS 133 according to Alvaro de Molina the CFO. Primarily the restatement is driven by hedge transactions. When a large organization like Bank of America restates earnings this way perhaps there is too much hedging on the books and not enough basic business. You know the old fashion spread business. Take in cheap deposits and lend out on loans. Pay for staff and expenses and the rest goes to shareholder.