Rumsfeld described Bremer’s “sweeping reforms” as creating “some of the most enlightened—and inviting—tax and investment laws in the free world.” At first, investors seemed to appreciate the effort. Within a few months, there was talk of a McDonald’s opening in downtown Baghdad—the ultimate symbol of Iraq joining the global economy—funding was almost in place for a Starwood luxury hotel, and General Motors was planning to build an auto plant. On the financial side, HSBC, the international bank headquartered in London, was awarded a contract to open branches all over Iraq,
