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Multibillion-Dollar Gamble Put GM Pension Funds on the Road to Independence
Allan Sloan in The Washington Post; subscription may be required 
July 11, 2005
Excerpt: GM launched [Project] Alpha in 2003 with an enormous gamble. It borrowed $13.5 billion with the biggest bond offering ever by a U.S. company and put that money (and $5 billion more from selling its stake in Hughes Electronics) into its pension funds. The Hughes cash was used for the funds' short-term needs; the borrowed cash was earmarked for Project Alpha investments.
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