SG Talk

The lost around 20% of the money ..not all their money.
In Madoff scheme the money was not siphoned out by buses to repay investors most "reinvested" their "gains" so money remained in the scheme. Those who cash out on profits were asked to return the money into a common pool which was layer distributed.

The Hyflux perp and bond holders were given a chance to take hair cut and get back some money, but they refused. Blame themselves or at least those who voted to insist full repayment.