​ US Bancorp'​s Statement on First American Money Funds Support Action. Yet another disclosure of "​valuation losses" related to advisors purchasing troubled securitites to support their money market funds appeared this morning. A Businesswire press release says, "U.​S. Bancorp announced today that it will be recognizing in the fourth quarter a valuation loss of $​110 million ...​as a result of purchasing certain asset-​backed commercial paper holdings from the rated money market funds managed by its subsidiary, FAF Advisors.... It results from the fact that rated money market mutual funds managed by FAF Advisors invested in asset-​backed commercial paper that experienced stress arising from the liquidity disruptions and credit deterioration during the third and fourth quarter. Given the nature and credit ratings of remaining holdings of these money market funds, U.​S. Bancorp does not expect additional valuation issues with the funds and the company does not intend to purchase additional investments from the funds. This action should not be considered a precedent for future actions or commitment by U.​S. Bancorp to provide additional support to these funds." First American is the 18th largest money fund manager with over $​52 billion in funds tracked by Crane Data. Its prime First American Prime Obligations Fund holds $​19.​6 billion in assets.

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