So will BAE Systems, with its strategy to do ever more business across the Atlantic, turn itself into a fully fledged American company?
Morgan Stanley certainly thinks so.
Last week it suggested management may be considering a move to the US.
This, it noted, would have strategic and financial benefits and, although there would be an initial outcry, it would not expect the MoD to stand in the way of such a development.
Overall, it feels BAE is looking more and more like a US defence company and believes it should trade that way.
After all, the approach seems to be working.
BAE wants to get rid of its 20 per cent Airbus stake, even though many feel this could jeopardise UK jobs.
The company makes the wings for the Franco-German planemaker. The concentration on America is coming through in the figures.
Morgan Stanley reiterated its 'overweight' stance and, although it lowered its target to 450 pence a share from 480p, to reflect dilution from the expected sale of the Airbus stake, it said the group's superior growth outlook deserved a premium.
It forecasts BAE's earnings to leap from 26 pence per share in 2007 to 35 pence by 2009, possibly reaching 38-40 pence.
The danger for BAE is that it falls betwixt and between - no longer strictly a European group but not fully accepted in the US either. Indeed could there yet be a backlash, with BAE seen as yet another British company putting America above the European ideal. And, if I were BAE and thinking of changing domicile to the US, I would take a leaf out of the Labour Government manual and be very careful to prepare the ground.
A leak here, a confidential briefing there.
Encourage the market to start thinking that way so it comes as less of a surprise.
After all, there is sure to be that outcry which Morgan Stanley is predicting, particularly from the unions.
BAE is supposed to be just the sort of high technology firm that Britain desperately wants to retain as more traditional manufacturing continues its decline.
If it were perceived to be effectively turning its back on Britain, then that would be distinctly awkward all round.
I can see the politicians jumping about and crying foul even now.
No doubt BAE would, in such circumstances, emphasise a continuing commitment to the UK and insist it intends to retain its extensive interests.
But, as we all know, once decision making disappears to some remote city abroad, it is much more difficult to influence. Perhaps we will just have to live with that.
BAE seems determined that its course is the right one, the US one way or another dominates the aerospace sector, and it is a brave individual who would say they were wrong.
And no doubt domicile across the pond would be a big help in terms of winning further lucrative US Government contracts.
Perhaps I am just being sentimental and maudlin, but it would be a great shame.
After all, it's a bit of a British institution.