Back then, the dramatically low federal funds rate was enough to spur a wave of borrowing by companies and individuals, so much so that a series of 17 rate increases followed from June2004 to June 2006 as the Fed tried to temper inflation in a boom period.
Order No. 17, a law issued by the Coalition Provisional Authority in Iraq before the Iraqis regained sovereignty in June2004, gave the companies immunity from Iraqi prosecution.