Given the initial coverage, you might think that the sad story of MF Global’s demise is all about John Corzine.

It’s a familiar story: The tragic flaw of hubris drives a former governor, U.S. Senator, and Goldman Sachs CEO to bet the farm and bankrupt a company that’s been around since James Man started a sugar trading business in 1783. Only a “master of the universe” type would joke to the press, just days after taking over the publicly traded company in March 2010, “I hadn’t heard of this company a week ago.”

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