Greed. Those were yielding close to zero and they wanted the 1.x%

It's an interesting reward mechanic for the bankers, "heads I walk home with big bonuses, tails I go home with a big severance and our customers get screwed".

This is the essence of the moral hazard created by the bank bailouts in 2008

The yield has been inverted so short-term has been paying just as much or more than the long-term depending upon which securities you're looking at. 30 to 90 day treasuries have been yielding over 4%

Yes-- if they kept that cash until now they would be sitting pretty