Neither did the Madoff investors, or they wouldn't have been investors. That's the obvious point.

Your comment about the investors being happy with the situation (and non-investors seeing it differently) is tautological and stupid. It applies to every single tradable asset in the history of the world, no matter how bad an investment, how fraudulent, or how doomed to fail. The ones who own it like it, but that doesn't make them right and everyone else wrong.