Still, given that Federated shares are up nearly 31% year to date, a 2% drop -- equating to less than $50 million on Federated's more than $2 billion market cap -- is probably too little. Indeed, the fact that Federated shares were hit on Friday rather than Monday appears to point to the fact that the money market fight has lulled everyone to sleep, delaying investors' reaction time.

But while regulation may take time, when the will is there it comes eventually. It's hard to see the upside for Federated shareholders in waiting to see their government subsidy taken away.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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