When General Motors went bankrupt, the case should have been handled by the bankruptcy courts, under the same rules that apply to everyone else.

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However most of the Icelandic people were bitterly opposed to the suggested deal, fearing that it would bankrupt their country and was, in any case, fundamentally unfair because the UK and Dutch governments had awarded compensation far in excess of the levels required by European legislation.

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If that were the case then General Motors would never have gone bankrupt.

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However, that their returns remain so much higher than those on other investments reflects the fact that, notwithstanding the Florida case, there is still a risk that huge lawsuits from sick smokers may yet bankrupt Big Tobacco one of these days.

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