Why would cash-rich investors need bank intermediation?

Sir, Gillian Tett wonders why “Faced with a choice between betting on the safety of US government, or its banks, cash rich large companies and asset managers are choosing the former”, “Cash-rich investors are choosing crazy Treasury” August 12. 

What kind of silly question is this? Since the banks in these days of scarce bank capital would just turn around and also choose “crazy Treasury”, because that does not require any capital of them, why would cash-rich investors need intermediation?

When are you going to wake up that via bank regulations which favor public borrowing over any other kind of borrowing we are being embraced by communism? And, by the way, FT’s silence on all this is very suspicious to me.