Rep. Melton offered the following resolution:

            House Resolution No. 90.

            A resolution calling on Governor Granholm to divest all state money from certain hedge funds refusing to accept a settlement on the Chrysler bonds they hold and urging other states to divest their holdings in these hedge funds, should these hedge funds fail to agree on a bond settlement before today's deadline on concluding an agreement.

            Whereas, The people of Michigan are intensely interested in the fate of our automobile industry. While the long-term outlook of Chrysler remains bright, getting through the next several months requires all involved in negotiations over the fate of this company to balance parochial interests with vision about what is best for our state and nation; and

            Whereas, While negotiations that could save Chrysler from seeking bankruptcy protection before today's deadline for concluding talks have made great strides, a number of hedge funds that hold about 30 percent of the Chrysler bonds are refusing to compromise in their stand on what they want to erase the debts that are crippling Chrysler's future. The hedge fund managers may be too narrowly focused on immediate returns rather than considering the long-term ramifications on our nation and its manufacturing base. Such short sightedness has already lost our nation a great deal; and

            Whereas, Should these hedge fund managers stand in the way of saving Chrysler, these hedge funds will have taken part in inflicting a devastating blow to our domestic automobile industry that will reverberate throughout our state and nation. The human hardship that will follow from the loss of jobs, the loss of tax revenue, and the loss of hope in the future will shatter the reputation of Oppenheimer Funds, Perella Weinberg Partners' Xerion Capital Fund, and Stairway Cap Management as reliable financial partners for our state; now, therefore, be it

            Resolved by the House of Representatives, That we call on Governor Granholm to divest all state money from the hedge fund offerings of Oppenheimer Funds, Perella Weinberg Partners' Xerion Capital Fund, and Stairway Cap Management, if they refuse to accept a settlement on the Chrysler bonds they hold. We also urge other states to divest their holdings in these hedge funds, should these hedge funds fail to agree on a bond settlement before today's deadline on concluding an agreement; and be it further

            Resolved, That copies of this resolution be transmitted to the Governor of Michigan; the leadership of Oppenheimer Funds, Perella Weinberg Partners' Xerion Capital Fund, and Stairway Cap Management; and the governors of Delaware, Illinois, Indiana, Missouri, Ohio, and Wisconsin.