Former Bear Stearns exec is among WSOP chip leaders

One of the chip leaders at the World Series of Poker's main event was the head of corporate strategy at Bear Stearns before the firm collapsed a year ago.

Steven Begleiter of Chappaqua, N.Y., now is a senior principal at private equity firm Flexpoint Ford LLC, according to Bloomberg News.

Begleiter has a crowd of supporters at the Rio. He is in third place with 18.2 million in chips.

Begleiter worked at Bear Stearns for 24 years, where he 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 wagers on subprime mortgage bonds. JPMorgan Chase & Co. bought it with help from the Federal Reserve.

Begleiter was involved in talks with New York-based JPMorgan over the sale, according to William D. Cohan's book, "House of Cards," which chronicled the final days of the 75-year-old company.

Begleiter told ESPN he earned the $10,000 entry fee by winning a tournament hosted by his local poker league in Chappaqua.

The other players in the league will split 20 percent of his winnings.