Nov. 8 (Bloomberg) -- Steven Begleiter’s bet on a pair of queens cost the former Bears Stearns Cos. executive $22 million and a chance to win the World Series of Poker in Las Vegas.

Begleiter, the Wall Street firm’s head of corporate strategy before it collapsed and was bought by JPMorgan Chase & Co. in 2008, was eliminated early today after about 13 hours of play in the Texas Hold ‘Em competition. He finished in sixth place, leaving the table with $1.59 million.

Begleiter, 47, had outlasted all but eight of 6,494 entrants over eight days in July to reach the final table with $29.9 million in chips. Down to $22 million, he bet it all on his queens against Maryland logger Darvin Moon’s ace-queen combination.

“I want to go somewhere and cry a little bit,” he said after leaving the table at the Rio All-Suite Hotel and Casino, according to the Associated Press.

Begleiter entered the final table trailing only Moon, with $58.9 million, and professional gambler Eric Buchman, who had $34.8 million.

After his queens, the next three cards turned over were a 7-4-8 and “Begleiter quickly breathed a sigh,” according to an ESPN blogger covering the event on the network’s Web site.

The next card turned up was a 3 and “everyone in the blue shirts felt confident Begs was ready to double up back to second place,” wrote Andrew Feldman, poker editor and tournament director for the ESPN Poker Club. “Then the ace on the river.”

With Moon’s two aces to his two queens, Begleiter was out.

The players were vying to become one of just two who will meet on Nov. 10 at 1 a.m. New York time for the championship and the $8.55 million first prize.

One Card Away

“I was one card from being back in the thick of it. I really thought the hand was mine,” Begleiter said, AP reported. “I’d almost prefer to go out like that -- it’s way easier.”

The Chappaqua, New York resident is now a senior principal at the private-equity firm Flexpoint Ford LLC in New York. After graduating from Haverford College outside Philadelphia, he spent 24 years at Bear Stearns and was a member of the investment bank’s management and compensation committees.

The firm fell apart in March 2008, brought down by excessive leverage and large bets on subprime-mortgage bonds. JPMorgan bought it with help from the Federal Reserve.

In Texas Hold ‘Em, players bet on whether they have the best five-card hand from two individual cards and five cards shared by all the players.

To contact the reporter on this story: Nancy Kercheval in Washington at nkercheval@bloomberg.net.

Last Updated: November 8, 2009 06:18 EST