Former Bear Stearns Exec Loses $22 Million in One Hand of Poker


While closing arguments were wrapping up for his former colleagues Ralph Cioffi and Matthew Tannin in court on Friday, former Bear Stearns head of corporate strategy Steven Begleiter was gearing up for the final round of the World Series of Poker in Las Vegas. With $22 million in chips and a pair of queens in hand, Begleiter went all-in against Darvin Moon, a logger from Maryland, and lost it all when Moon came up with a pair of aces. Begleiter finished in sixth place out of a field of over 6,000 and walked away with $1.59 million in prize money. [Bloomberg]