Savings Banks（Participants, victims）

Role：making loans to house buyers, providing fund to mortgage lenders

Fault: inadequate supervision of mortgage lending and provision of funds

Representative：Washington Mutual

End: taken over by Federal Deposit Insurance Corporation，most of its businesses were purchased by JP Morgan Chase; the biggest bankrupt bank in American history.

People: former CEO Kerry Killinger (resigned under pressure from the board of directors); followed as CEO by Alan Fishman（18 days after he took office, Washington Mutual was purchased by JPMorgan Chase, but he gained a recompense of $13.65 million）

Housing mortgage financing institutions（Participants, victims）

Role: buying in loans, making MBS and selling them to the investors; also assisting banks in MBS making.

Fault: their financial scandal, exposed several years ago, undermined their control over the mortgage market; new participants’ chase for high profits distorted the market.

End: The US Treasury injected capital into Fannie Mae and Freddie Mac, and purchased some preferred stock. The Federal Housing Finance Board (FHFB) took over their businesses.

Representative: Fannie Mae

People: former CEO Daniel Mudd，present CEO Herb Allison（former Executive of TIAA-Cref and Merrill Lynch）

Representative: Freddie Mac

People: former CEO Richard Syron，present CEO David Moffett（former Executive of US Bancorp and The Carlyle Group）

Investment banks（participants，victims，survivors）

Role: purchasing, producing and packing subprime mortgage loans and securities

Fault: abusing the financial derivatives market; using financial leverage without due care, breaking the connection between the financial services market and the real economy.

Representative: Bear Stearns（participant and victim）

End: purchased by JPMorgan Chase

Person: former CEO James Cayne（frequently played golf and bridge while Bear Stearns was in trouble during the first round of the subprime mortgage crisis in 2007）

Representative: Lehman Brothers（participant and victim）

End: went bankrupt with the government refusing to save out of moral-risk consideration. Its Asia-Pacific businesses and investment banks and securities in Europe and Middle East were purchased by Nomura Securities. Barclays bought its stock business in America.

Person: former CEO Richard Fuld（He saved this old bank several times, and was called “Wall Street’s Bulldog” by Business Week. But some critics assert that his rashness and conceit strangled Lehman Brothers）

Representative: Merrill Lynch（participant and victim）

End: purchased by the Bank of America

People: former CEO Stan O′Neal（Black executive in Wall Street, a golf fan, and present CEO John Thain

Representative: Goldman Sachs（participant and victim）

End: transformed from an investment bank to a traditional bank holding company; It is considering the purchase of Lehman Brothers’ private capital fund in America and Europe.

Person: CEO Lloyd Blankfein（proposed to sell Goldman Sachs to Citigroup, but the proposal was rejected）

Representative: Morgan Stanley（Participant and survivor）

End: transformed from an investment bank to a traditional bank holding company; sold its share holdings to Mitsubishi UFJ Financial Group

Person: CEO John Mack（successfully brought about the transaction between Morgan Stanley and Mitsubishi UFJ Financial Group in October when the former’s share price plummeted）