Bank of America (NYSE: BAC) reported weak earnings today as Benzinga readers know. Bank of America reported a net loss of $1.2 billion and an EPS of $0.04, while it was expected to report $0.22.

However, Government Sponsored Enterprises (GSEs) were cleaned up this quarter on Bank of America's sheets. Bank of America announced earlier this month that it had settled some GSEs over mortgage repurchase claims related to Countrywide, a major overhang on the stock over the past few quarters.

Prior to the report, CEO Brian Moynihan commented, "These actions resolve substantial legacy issues in the best interest of our shareholders." Elsewhere, "Our goals remain the same: put these issues behind us; focus on serving customers and clients; and continue to help distressed homeowners facing difficult times." With the quarterly report today, Moynihan has delivered on that promise.

Moynihan said that "on the trading side," Bank of America underperformed, as evidenced in the report. Regarding the remaining GSEs, Moynihan said that he will continue to address the liabilities of BAC in the coming quarters. Specifically, Moynihan will be working on the bond insurers and private label party liabilities in the coming quarters.

Regarding increased compensation and payouts, Moynihan said that Bank of America's compensation policies have not changed, and many employees were compensated heavily in stock, rather than cash.

Investors seem to agree with Moynihan's decision to flush Q4 earnings, as its stock price is relatively unaffected; $14.30 in pre-market trading down from $14.56 at close yesterday. While the numbers look bad on the surface, it may present a great buying opportunity. Bank of America is cleaning up and trying to move forward. Moynihan clearly address that the problems will continue to be taken care of in the coming quarters.

Bank of America may still be a great long-term investment. While the CEO expects to further work on the liabilities in 2011, it may be extremely profitable to take a long position in Bank of America.

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