``What caused investors to lose confidence in MF in late October? There's a simple, sensible explanation. Six days before it filed for bankruptcy, MF reported a large quarterly loss, the details of which contained a message: Don't expect this company ever to be profitable again. The markets responded accordingly... The core business's troubles help explain why Jon Corzine, who became MF's chief executive last year, made the big bet he did. Unable to figure out how to make money, he took more risk. The sovereign-debt wager was a symptom of the bigger problem. ''

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