Logger Takes $22M from Bear Stearns Exec at Poker Table

Logger to play in World Series of Poker championship today

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    NEWSLETTERS

    AP
    Steven Begleiter stacks his chips during the World Series of Poker at the Rio Hotel and Casino in Las Vegas on Wednesday, July 15.

    A burly logger from Maryland cut down a former Bear Stearns executive in the World Series of Poker yesterday, collecting $22 million from the Wall Street man and ending his run for the title.

    Steven Begleiter put everything he had on a pair of queens, betting that the 46-year-old logger, Darvin Moon wouldn't beat him.  But alas, Moon turned up an ace and a queen, sending Begleiter back home to Chappaqua, New York with a sixth place prize of $1.59 million.

    "I wanted to go somewhere and cry a little bit," he said after leaving the table at the Rio All-Suite Hotel and Casino after 13 hours of Texas Hold 'Em.

    It's something Begleiter, 47 might be used to. Last fall, his 24 year career at the ruined investment bank came to an end as bets on sub-prime mortgage bonds went bad, and the bank was bought up by J.P. Morgan with help from the Fed.

    Moon, a recreational player who had never been to Las Vegas or played professionally before his World Series debut, made it all the way to the championship, where he will play 21-year-old professional player, Joe Cada from Michigan for the $8.55 million prize, later today.

    Even if he loses, he's guaranteed a prize of $5.2 million--money he had never seen from the logging business he owns.

    "My wife wants a lawnmower, but we don't need a lawnmower," Moon told cardplayer.com.  "But I told my dad if I win, I'm buying him a new pink Cadillac."

    Begleiter, known as "Beg" around the poker table, will return to his position as senior principal at private equity firm Lexpoint Ford LLC in New York.