3. How was the crisis affecting Bear, Stearns in March 2008 (a) the same as and (b) yet different from the Lehman crisis in September 2008 (10) 4. a. What is LIBOR and what is the TED spread? Why are they important in financial markets? (5) b. What happened to the TED spread (1) between mid-2007 and mid-2008 and (2) in Sept/October 2008? In each case, explain why. (5) c. Why is LIBOR being transitioned out and what is replacing it? (5) d. Would it made any difference in the extent of the global financial crisis in 2008 if, instead of relying on the TED spread, the markets would have used the Secured Overnight Funding Rate (SOFR)? (5) 3. How was the crisis affecting Bear, Stearns in March 2008 (a) the same as and (b) yet different from the Lehman crisis in September 2008 (10) 4. a. What is LIBOR and what is the TED spread? Why are they important in financial markets? (5) b. What happened to the TED spread (1) between mid-2007 and mid-2008 and (2) in Sept/October 2008? In each case, explain why. (5) c. Why is LIBOR being transitioned out and what is replacing it? (5) d. Would it made any difference in the extent of the global financial crisis in 2008 if, instead of relying on the TED spread, the markets would have used the Secured Overnight Funding Rate (SOFR)