Further details on the employee retention plan will be included in a regulatory filing.

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"If (the Phoenix plan) offers the prospect for greater job retention and more significant volume then I'm sure everybody wants it to be properly considered, " he said.

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Max Baucus, D-Montana, on Tuesday introduced a plan that would impose a hefty tax on retention bonuses paid to executives of companies that received federal bailout money or in which the United States has an equity interest.

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For example, it justifies the retention of Europe's biggest navy, and a plan to construct two giant aircraft-carriers, by stressing Britain's worldwide interests: a trade-oriented economy, with 10m citizens living overseas, 13 dependent territories and close ties to other Commonwealth states.

ECONOMIST: Defence