As expected the Department of the Treasury allows the insurance program backing money market funds to expire on Friday.

“As the risk of catastrophic failure of the financial system has receded, the need for some of the emergency programs put in place during the most acute phase of the crisis has receded as well,” said Treasury Secretary Timothy Geithner, who added that the $1.2 billion that the government has collected in participation fees has been a boon for taxpayers.

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