BBQ Tips

Looking forward to the long weekend ahead of you? What activities do you have lined up? Maybe you can consider a little get together BBQ with families and friends.  It should be fun!   But before you light up that grill, here are some tips to help you enjoy the BBQ while keeping it healthy:

1. Don't Cook Cold Meat 
Make sure that your meat is in room temperature before cooking.  It prevents burning the surface of your meat while at the same time cooking the middle.

2. Thin Meat is Right Meat
When your meat is thin, heat can travel faster to the middle of your meat without burning the outside. If you have thick steaks, you can start them off the grill to set the flavor and then 
finish them in the oven to make sure that the whole meat is cooked. 

3. Add Alcohol on your Marinade
According to a study, marinating beef in red wine for about six hours before grilling will decrease the amount of carcinogens - 40% fewer than beef that was not marinated in alcohol.

4. The Heat is On 
Use high heat when grilling beef, turn the other side as soon as you see little pearls of blood accumulate on top of your steak.  This is approximately 4-6 minutes per side for a 1 inch thick 
steak.

5. Be Healthy
You can also grill sweet potatoes, onions and even corn. Turn on the other side when you see the grilled part is coal black. Your vegetable inside will be sweet and smoky once you scraped off the black part.  Adding vegetables on your menu will balanced out the fats you consume from your steak.

6. Use Hardwood Charcoal
It burns hotter. Wait until the flames have died down before cooking so as not to burn your meat.


7. Clean Your BBQ Grill
Take care of your BBQ Grill! Make sure to clean it before and after use. You can use a long handled stiff wire brush. You can scour the grate with a ball of crumpled aluminum foil held in 
tongs.

Let's enjoy the sun while it lasts. Have fun on your BBQ and stay healthy!

London Interbank Offered Rate (LIBOR) Scandal

According to Reuters, the US Justice Department is building criminal cases against various financial institutions and their employees in relation to the London Interbank Offered Rate or LIBOR scandal.

The London Interbank Offered Rate (LIBOR), the European Interbank Offered Rate (EURIBOR) and the Tokyo Interbank Offered Rate (TIBOR) are set through a process whereby each day about 40 banks submit their interest rates at which they are willing to lend, to the respective trade organizations in their regions. Once the high and low bids are discarded, the rates of the two middle quartiles are arithmetically averaged. This process is repeated about 150 times to determine the final rates each day and extends to 10 currencies and across 15 time zones. The interbank offered rates serve as a reference for the pricing
of financial products worth $350 trillion that include floating rate mortgages, savings accounts, interest rate swaps, other OTC derivatives, student loans, corporate loans and credit cards. (Source: http://www.forbes.com/sites/investopedia/2012/07/26/the-libor-scandal/)

LIBOR rate provides great impact on mortgage borrowers' interest rates. For example, when Libor increases, associated interest rates and monthly loan can also go up. When it goes down, the adjustable-rate loans can also go down. For more explanation about LIBOR, please go to http://video.cnbc.com/gallery/?video=3000026495&play=1.

In 2008, USA Today reported that some American borrowers with Adjustable Rate Mortgage went up because the LIBOR rate increased.  For consumers, you can find out if your loan is linked to LIBOR by reading your terms on your loan agreement. However, not all adjustable rates are tied to LIBOR, some are based from prime rate.

Brian Murray, a partner at the law firm Murray Frank has filed a lawsuit on behalf of investors in Alaska, Wyoming, North Dakota and about 20 other states accusing banks of manipulating the London Interbank Offered Rate through an opaque setting process.  Given the wide reach of LIBOR, once the allegations are proven, this incident could be the largest financial fraud in history!

The case over the alleged rate fixing has been pending in court for 16 months. Some banks accused of rate fixing are Barclays, Citigroup Inc. and Bank of America Corp.  According to Times, the LIBOR case could be tried in court for years, however it may only end up in settlements instead of punishment.