Benzinga's Political Round Up

BHP BHP and Rio Tinto RIO have agreed to end their merger agreement for iron ore, which would've been a $116 billion joint venture. The reasoning behind it was too much political pressure from regulators, and pressure from steelmakers. Sheila Bair discussed the foreclosure situation between the banks, saying banks might not have as much exposure if everything is in order. This affects Bank of America BAC, and Citigroup C.