Having an issue with my clutch.

I've bled the system ten times by now, to the point where even if I submerge the slave in brake fluid, there is nary an air bubble. But not matter how many times I bleed it, the clutch is extremely lose. The clutch line is brand new, the slave cylinder is brand new, and there is no leaks. Believe me I pumped that pedal until I was blue in the face to see if I could fine one.

Nothing.

Are there any interesting problems that clutch master cylinders have?