The intriguing FT argument is the one regarding Goldman Sachs, Morgan Stanley etc. Now that they are financial holding companies, they will be closing their books in December, so in order to get ready to pay out the billions in bonuses, they are stockpiling the bonuses payouts in T-Bills. I mean, without an obvious crisis, who would accept a negative yield, other than someone ready to cash out in a few days and not wanting to take on any risk, and even willing to accept a negative interest rates for safety and security, before the big pay day comes.