In the wake of this crisis, Hoeing said we did the same things we did after previous crises: added supervision and regulation and raised capital requirements.

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"In the first half, we did a lot of things well, " Holiday said.

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"Unfortunately, things did not work out the way we all had hoped, " coach Rex Ryan said in a statement by the team in announcing the move.

WSJ: Tebow Time in New York over after Jets cut QB