When a man with money meets a man with experience,
The man with experience leaves with the money,
....while the man with the money leaves with experience.

T'was ever thus!

Larry Kudlow had a couple of guys on his show a few months ago talking about Madoff. Ken Langone was one of them iirc. He guest spoke of a meeting he had with Madoff in early November, before Thanksgiving, at Madoff's offices. It was the first time he met Madoff.

He's a very savvy Wall Street type, and he said he's glad he never played poker with the guy, because he'd have lost his shirt to Madoff. Madoff gave him the nickel tour of his offices and art work, etc.

The gist of the meeting was Madoff telling these two visitors (who were partners) about a new investment platform he was going to trot out and wanted them to get on board. Bernie told them they would be getting a better deal that his current invesors. The guest told Kudlow that right away that turned him off that he was offering a new guy a better deal. His partner was impressed and out on the street they spoke about it and the guest said let's think about it over the weekend. Partner flies to Chicago for the weekend, calls up the guest and says, you know, I think your'e right. Lets pass.

Of course, Madoff goes in the tank a couple of weeks later.
This guest saves his investors a ton of money by having some scruples and integrity and not chasing a buck.

Here is the text of the interview. Good read.

http://www.cnbc.com/id/28781675