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Bank of America ‘much better’ now: CEO

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NEW YORK — Bank of America is in a better position now than during the financial crisis, chief executive Brian Moynihan said Wednesday, trying to reassure investors after sharp losses in the share price.

“The fundamentals are so much better in our country and in our company and in our industry than they were four years ago,” he said in a conference call with analysts.

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Amid rising concerns about the growing number of lawsuits facing the country’s biggest bank by deposits, Moynihan insisted that “we continue to clean up the mortgage issues” related to the acquisition of Countrywide Financial in 2008.

On Monday shares plunged more than 20 percent after US insurer AIG sued Bank of America for $10.5 billion, accusing it of “massive fraud” over dodgy mortgage-based securities AIG bought from Countrywide Financial, the former mortgage giant that the bank took over in 2008.

After partially rebounding Tuesday, the bank’s shares sank another 10.9 percent to $6.77 Wednesday, leaving them down 29 percent from a week ago.

In June, the bank announced an $8.5 billion settlement with a group of more than 20 major investors over losses on mortgage-backed securities, which AIG has also raised questions about.

Moynihan was not CEO when Bank of America bought the company, but said there were not many days when he thinks “positively about Countrywide.”

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“We still have a lot of work to do,” he added.

Moynihan said that credit demand remained “slow” even while credit risk “continues to decrease.”

He reaffirmed that the bank did not expect to need to raise more capital to meet the levels required under the new Basel III international regulations.

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‘It’s back-to-back 9/11s’: MSNBC’s Nicolle Wallace blasts Trump’s failed leadership on coronavirus pandemic

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Speaking to physician Dr. Kavita Patel on Friday, MSNBC's Nicolle Wallace noted that the coronavirus crisis, along with the Russian bounty scandal, the recession and increasing unemployment numbers are like a bunch of little "back-to-back 9/11s."

Wallace, who served in the White House communications department under President George W. Bush saw 9/11 and the aftermath first hand. Under Trump's leadership, there have been several little crises one right after another. While 9/11 killed nearly 3,000 people and nearly that many have died due to injuries and illnesses connected to 9/11, nearly 135,000 Americans have died from COVID-19.

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As coronavirus spikes break new records Dr. Fauci reveals Trump doesn’t even speak to him anymore

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President Donald Trump tried to claim the mantle of a "wartime president," battling the "unseen enemy," but as it turns out one of the people who could best help him with the coronavirus battle is who's really "unseen."

Dr. Anthony Fauci, an immunologist and probably the most respected public health expert on the government's payroll, reveals the President of the United States no longer talks to him.

In fact, Trump hasn't talked to Fauci, the director of the National Institute of Allergy and Infectious Diseases (NIAID), in over a month – and hasn't been able to update Trump in at least two.

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Instagram to block all content promoting LGBT ‘conversion therapy’

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Instagram said on Friday it would block content that promotes so-called conversion therapy, which aims to alter a person's sexual orientation or gender identity, as pressure to ban the practice grows.

The social media giant announced earlier this year it would no longer allow adverts for conversion therapy services, which can range from counseling and "praying away the gay" to electric shocks and sexual violence.

"We don't allow attacks against people based on sexual orientation or gender identity," Tara Hopkins, Instagram's public policy director for Europe, Middle East and Africa said in an emailed statement.

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