Earth to Goldman: There’s a credit crisis

Goldman Sachs might fare better if it followed the advice of the great poker players: Lose a hand every once in a while.

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Tue, December 18th, 2007

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Poker glossary:

  • PAT HAND - In draw poker, a hand that does not need any more cards. Specifically, a straight, flush, full house or straight flush. One might bluff and represent a pat hand but actually hold something else.
  • DRAW OUT - To catch a card that improves your situation from a losing hand to a winning hand, especially when you beat someone holding a hand that usually figures to win.
  • STRAIGHT FLUSH - A hand consisting of 5 cards in sequence and the same suit.
  • IN - Still eligible to win the pot. "I'm in" is often spoken as one adds chips to the pot, calling.
  • DRAWING DEAD - A draw in which it is impossible to obtain a winning hand for any of a variety of reasons: an opponent's hand is better than whatever you are drawing to, the card(s) that make your hand are out of play, or (in Hold'em) give an opponent a stronger hand even if it makes yours. Frequently used in the past tense, since one rarely knows it at the time.
  • WHITE BLACKBIRD - A hand so astonishingly rare as to be unworthy of the opponents' consideration, e.g., being dealt a pat royal flush in 5-card draw.
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