Bloomberg writes "Guggenheim Seeks to Reassure Clients of Commercial-​Paper Unit." They state, "A Guggenheim subsidiary sought to reassure investors that it remains a viable issuer of short-​term financing known as commercial paper as regulators and federal prosecutors continue to probe the company'​s founder Mark Walter. Guggenheim Treasury Services '​is not a target of the investigations and continues to operate business as usual,' the company said in a message to investors seen by Bloomberg. 'GTS has a 30-​year operating history, having issued and repaid over $​12 trillion of commercial paper.'" The piece explains, "Guggenheim'​s commercial paper issuers operate '​as bankruptcy-​remote entities, which are not owned by any of the targeted entities under investigation,' according to the Aug. 20 message. '​In the unlikely event that GTS does not perform its managerial duties,' the company said, it would appoint an independent agent to repay its obligations." Discussing commercial paper, Bloomberg adds, "Money‑​market funds were once the dominant buyers, but today account for only about 20% of the market, with the rest held by banks, corporates and other cash investors. Within that market, Guggenheim Treasury Services operates asset‑​backed commercial paper conduits -- structures that issue short‑​term notes backed by secured loans. Unlike during the financial crisis, a majority of such paper is now usually backed by repurchase agreements rather than pools of receivables. Such entities have long been used by major banks and finance companies to raise short‑​term funding."