Nevertheless, with his usual bluster, Randi accepted a $10,000 challenge (a considerable sum in those days) to duplicate the Serios phenomena and make good on his claim.
Of course, confidence is easy to feign, and Randi does it routinely in his role as magician. He also cleverly takes advantage of the occasional high-profile case he successfully exposes as fraudulent, by publicizing those successes and creating the impression that he's a generally reliable guide when it comes to the paranormal. So Randi's dismissal of the Serios case was all it took for those already disposed to believe that Serios was a fake, and it was probably enough even for those sympathetic to parapsychology but unaware of Randi's dishonesty....
What the TV audience never learned was that when the show was over and Randi was pressed to make good on his wager, he simply weaseled out of it. To keep that side of the story under wraps, Randi prohibited publication of his correspondence on the matter. That was undoubtedly a shrewd move, because the letters show clearly how Randi backed down from his empty challenge. However, Randi's original letters now reside in the library at the University of Maryland Baltimore County, and researchers, finally, can easily confirm this for themselves. When Serios's principal investigator, Jule Eisenbud, died, I was assigned the task of going through his papers. I collected all the material relevant to the Serios case and deposited it in the Special Collections section of the UMBC library. (This includes correspondence, the original photos and film, and signed affidavits from witnesses.)...
But there's no documentary evidence of Randi having even attempted to duplicate the Serios phenomena under anything like the conditions in which Serios succeeded, much less evidence of his having actually pulled it off....
In fact, the history of parapsychology chronicles some remarkable examples of dishonest testimony and other reprehensible behavior on the part of skeptics....
Skepticism is just as glib and dishonest now as it was in 1882 when the British SPR [Society for Psychical Research] was founded. In fact, despite sensible and careful dismantling of the traditional skeptical objections, the same tired arguments surface again and again. And those arguments all too easily mislead those who haven't yet heard the other side of the story or examined the evidence for themselves.
(Stephen Braude, The Gold Leaf Lady [Chicago, Illinois: The University of Chicago Press, 2007], 22, 34, 126)
See my post here about how other magicians have misled people about the paranormal.