One of the biggest financial frauds in us history goes on trial. Could sam bankmanfrieds trial lead to the end of the cryptocurrency craze . But first, breaking news out of the nations capital. House speaker Kevin Mccarthy was just voted out of that job in an historic vote that could throw the house of representatives into utter chaos. This has never happened before in our history. Mccarthys nemesis, congressman matt gaetz, forced the vote on a motion to vacate, arguing mccarthy is unworthy after the California Republican worked with democrats to reach the last minute funding deal. It was that stopgap bill. Gaetz went after mccarthy again following the vote. Kevin mccarthy is a feature of the swamp. He has risen to power by collecting special interest money and redistributing that money in exchange for favors. We are breaking the fever now, and we should elect a speaker who is better. Congressman Patrick Mchenry of North Carolina was named speaker pro tem to serve in the office until a new speaker is chosen. But there is no obvious successor here, and the rules are unclear about how long the chamber can go without a permanent leader. So this is actually uncharted territory, but were sure to learn more in thng days. House will come to order on a possible path forward. And of course abc7 news will have more for you at four. But now back to our main topic on getting answers today. One of the most stunning rises and falls in the history of american capitalism. Ftxs the companys 31 year old founder showed up in a manhattan courthouse today. Sam bankmanfried, a bay area native and one time rising star, is now facing a slew of fraud charges after prosecutors say he cheated investors out of billions of dollars. Joining us live now to talk about it is michael zweiback, who is a former federal prosecutor. Michael, thanks for your time. Thank you. Just give us a brief overview of the allegations as well. The allegations are that mr. Bankmanfried used investor money for his own purposes, including political donations, the purchases of multimillion Dollar Properties all around the world, as well as just for other high end luxury goods and his own benefit. Why is this trial so significant . Well, it has everything mean it has the ego of sam bankmanfried, who continually wanted to speak out. It has the use of money to gain political influence. It has a adderall. It has all of the various Different Things that was going on within sort of the confines of the ftx boardroom. Yeah. So what actually transpire today and were there any surprises for you . There was no surprise today. Today was very much sort of how the process of a federal trial works. It was the jury selection. So various different jurors were went through the questioning process by the judge. That is in federal court is mainly dictated by the court and not the lawyers. And tomorrow is when the real fireworks begin. And thats when the Opening Statements by the prosecutors are going to commence. All right. Who do we expect to hear from in this trial . Any star witnesses as well, the star witnesses are going to be the other Board Members of ftx. You know, his right hand man in caroline ellison, who was the former girlfriend and others who have pled guilty and are now cooperating with the prosecution. Those are really the core witnesses that Everyone Wants to hear from. Do we expect any celebrities . As we know, there were many advertisements for him by celebrity endorsers. I think that that is probably unlikely. Its certainly part of the backdrop of this case. But the core of it is going to be the people who knew what mr. Bankmanfried was doing in terms of diverting the money for his own personal purposes. Whats his defense . His defense has focused on the lawyers said it was okay. You know, there is something in the law called advice of counsel all. And when your lawyer knows each and every fact and advises you that its okay to conduct a certain act as part of your business, then you can say, well, i didnt intend to do anything illegal. I was relying upon the good legal advice of my lawyers. I think thats going to be a very hard defense to utilize, though. All right. So tell us, though, about the cryptocurrency firm. He had Alameda Research and how it was kind of the funneling the money back and forth between that that ultimately led the whole house of cards to collapse. Well, the allegation is that there was an algorithm in ftxs code that allowed for the funneling of investor money into Alameda Research and Alameda Research was really the conduit through which the political donations, the use of the money for real estate and Everything Else that was going the use of the name on the miami arena, all of that came through Alameda Research and that was sort of the perpetrator of the fraud was that entity, whatever happens to sam bankmanfried, you know, what does this mean for crypto . Has it come down since this whole scandal broke . It was kind of like the next hot thing, right . Does this change that outlook . Well, i think its going to it sheds light on the industry. I think its an industry thats going to be further regulated. As the sec has made clear. But at the end of the day, i think whats important about this case is this is about base level, garden variety fraud. Its about abuse of investor funds. Its really less about crypto, which has gone up and down just as investments generally have gone up and down. And its more about the abuse of the money by mr. Bankmanfried. Okay, but industry wide though, whats been the trend lately for crypto . Well, the crypto is certainly down off its heights uh however, you could say that thats also the same for the stock market recently. So i dont expect crypto to disappear. I expect it to be more thoroughly regulated than it has been in the past. I also wonder how this impacts Silicon Valley at large, right . In some ways kind of emblematic of some of the other things that have happened. Theranos, the fraudulent blood testing company, is this kind of another hit for Silicon Valley . Well, its another hit for the startups, for the mature startups that that dont have the governance and controls that, you know, more established businesses do have. I think that that is going to be much more of an imperative moving forward for those that are dealing with you know, hundreds of millions of dollars of investor funds, the governance is going to become front and center in a lot of those business models, whereas before it was just sort of an afterthought. So what are some actual things you expect to change there when you talk about changing governance . Well, i think what youre going to see is youre going to see youre going to see general counsel is play a more prominent role. Youre going to make sure youre going to be looking at each and every investment that youre going to be filing suspicious activity reports. Whereas in the past, with a lot of these, you know, more nascent firms, a lot of that, that sort of stuff that you would consider more from the banking standpoint , antimoney laundering programs , those were things that were absent from these types of firms. So in a way, the adults have to keep closer watch on the kids. Is that the idea . Adults yes. The adults have to keep very close watch on the kids. All right. How long do you expect this trial to take . I expect its going to take a good month, maybe longer, because as mr. Bankmanfried is going to have his own slew of witnesses, at least thats what his defense has indicated. But if his lawyers are going to testify, thats going to be tedious. And, you know, of course, everyone is wondering, will he testify as well by the way, whats happened to all the vast properties that he amassed . Right. I think in the bahamas or was it bermuda, the compound and his parents, of course, the two stanford law professors who i think there were some articles about how they had benefited in some way as well. Whats happened to all that . Well a lot of it has been clawed back by the Bankruptcy Court. The Bankruptcy Court has gone in and secured whatever property they can, including maybe cash that may have existed in other accounts. Some of it will likely go, by the way, of Asset Forfeiture because there are allegations in the indictment that that are part of Asset Forfeiture type of allegations. So that the Us Government can secure those funds as opposed to the Bankruptcy Court. So youre going to see the Bankruptcy Court plus the Us Government and the department of justice securing those funds and hopefully getting them back to the investors who lost their lost their wealth. All right. And of course, there was the bahamas, although sometimes it feels like a lot of money went into the bermuda triangle. Michael zweiback, thank you so much for your time. Really appreciate it. Thank you. Safety and robotaxis collide again on the streets of San Francisco as an injured pedestrian gets pinned under a cruise car. Although whos at fault is not so clear. An expert you got two jacks. And then my grand slam. I signed a ball for you. Okay. And it says papa i love you. Why did you do that . Because youve taught me everything about baseball. Oh hunny bunny, thats so sweet. Taxi crews today released a statement saying its car braked aggressively to minimize the impact. The human driver fled the scene and has not yet been found. Joining us live now to talk about renewed questions over autonomous taxis now operating in San Francisco is the director of uc berkeleys partners for advanced transportation technology, or path . Professor scott moura. Professor moura, thanks for your time. Hi, kristin, good to be with you. I just want to let our viewers know youre connecting from a little farther away today. So theres a slight delay, but bear with us. But please walk us through the circumstances as you know them from last night. Yeah. So as far as i understand the circumstances, it appears that this pedestrian was going through a crosswalk. The light turned green and there was the human driven vehicle and the Automated Vehicle that were next to each other when the light turned green. The vehicles proceeded forward. Apparently, if i understand the news reports correct, it seems that the pedestrian pedestrian was walking through the crosswalk and was hit by the human driven vehicle at and they then essentially were were like a projector where were hit into the adjacent lane and then the Automated Vehicle. Unfortunately ran over this pedestrian and it looks like their leg was caught underneath the rear axle and the vehicle sensed that and came to a complete stop. So the initial contact was made by the human driver. However, in terms of the cruise vehicle, did it behave as far as you can tell in the way that its programed to like right away sensing an obstacle and then stop ing if thats what its programing tells it to do . Like what did it do . Sensors that kind of thing. In terms of the response. Right. So im going to answer your question, but also not answer your question. Kristin i think we have to wait for the investigation to proceed so that we can see what happened. Indeed, this vehicle and many vehicles are equipped with automated emergency braking system arms that brake when theres some object that is in front of them and, you know, its likely that that occurred. However, the investigation needs to proceed. But i actually want to make another point that we, you know, these pedestrians walking through intersections are socalled vulnerable road users. And although theres a focus here on Automated Vehicle companies, what we really need is automated intersections that consider vulnerable road users that can come into conflicts with vehicles, be they human driven or Automated Vehicles and , you know, cruise and waymo and these Companies Help us focus on automation technologies. But i think this event, this unfortunate situation, really highlights the fact that, you know, whether or not the vehicle did what it needed to do. Theres clearly a need to have smart intersections to protect vulnerable road users. Are you trying to reframe the conversation in the way that this has all been reported and, you know, accident cruise and pedestrian as opposed to human driving vehicle hits pedestrian lands in front of the Autonomous Vehicle which then, you know respond in the way that it was, i guess how do you want us to look at the situation is this kind of like back in the old days when we say tesla car gets in a crash . We never say bmw vehicle or toyota vehicle. You know, theres something there about the way we think. Yeah. I actually want to zoom out and highlight the fact that a quarter of fatalities happen in intersections with vulnerable road users and half of injuries happen in intersections, particularly with vulnerable road users. It turns out that fatalities with pedestrians has gone up by 13 from, i think. 2020 to 2021 at and putting automation on vehicles is a fantastic thing. But theres an opportunity to reverse these statistics where we can add some of these things that are going into the vehicles. I cameras, lidar in to the intersections themselves. You can imagine that, you know, we have phones in our pockets. Those phones could communicate with the intersections that are communicating with the vehicles and all these objects can understand. And when theres a potential conflict. So i think this event really highlights the need to make intersections safer because, you know, with human driven vehicles, with Automated Vehicles and with a mix of both, they are dangerous. Right . So what are some of the things that reverse these steps and easily make it safer for the vulnerable road users . Yeah can make it safer for the vulnerable road users. I think the thing that will ultimately make it safe for the vulnerable road users is if we can think of our Transportation Network as a system, um, where pedestrians often have phones in their pockets, these vehicles have communication. If we also have some devices within the intersection that can communicate with those that are sharing the intersections, the vehicles and the pedestrians, you can imagine that even if the light turns green, the vehicles can get a notification action and the Automated Vehicles can stop immediately in case theres a there there there is a conflict. So, you know, read thinking a modern smart city in which the intersections can, you know, manage both vulnerable road users and vehicles is ultimately where we really need to go. And i think this this event could have been avoided if we can sprint faster in that direction. An of course at uc berkeley this is what were trying to do. Thats what youre trying to do. Im glad you told our viewers that. But look, professor mora, that sounds wonderful, but it takes time. In the meantime, living in the real world, we came first and human driven vehicles came first. Youre not going to stop people from driving. Youre not going to stop people from behaving sometimes in unpredictable ways that a programed thing cant necessarily predict. So what do you do . Because is it safe for us to be interacting out there in this sort of a chaotic environment right now and to keep going right now like this, given the technology the way it is . Well, as i as i said, the stats are that theres, you know, a quarter of fatalities and half of deaths are are in intersections. So those those are the numbers. Indeed. Intersections are are dangerous places. I think, you know what we need to consider, of course, is to the extent possible, you know, follow the crosswalk laws, follow the traffic light signal. Um and of course, if we have Automated Vehicles or vehicles with automated functions, there is a hope that we can take a small step in this direction where if theres automated emergency braking, they hopefully can stop quick enough. If they sense theres some some object in front of them thatll thatll certainly help. But of course im at the university and thinking about our society of the future. And i, i, i, i do think theres value in considering where do we ultimately need, need to go and how do we put investment into our infrastructure to make it smarter and safer. Yeah, unfortunately, the future doesnt happen just like that. We got to work towards it. So professor scott moore, i really appreciate your perspectives. Uc berkeley path director, thanks so much. Thanks for having me. Kristen all right. So from driving to parking, how much does a parking meter in San Francisco rake in every year . Our Media Partners at the San Francisco standard have the answer, including which one is the single biggest earner is there and force can vary and sometimes even the rate can fluctuate. But have you ever wondered how much money they take in . Well, our media partner , the San Francisco standard, did they have a new article out that looks at the annual revenue from meters and it turns out not all meters are created equal. Joining us live now is the standards reporter noah boston. Hey, noah. Hello. Thanks for having me. Oh, yeah. What made you want a deep dive into parking meters . Yeah, i mean, its just one of these things that i think so many of us here in the city, in the bay area who are visiting the city, its like youre feeding the meter. And as im sure youve experienced, some of them can get pretty steep. And it really did make me wonder how much are these meters pulling in a year because its charging some of them over 10 an hour. All right. So whats the answer . Actually lets look at the collective big answer first. How much money did San Franci