"Pennsylvania hired investment bank Greenhill & Co. to find ways to convert government assets and services into cash as states try to plug at least $40 billion in deficits next year by selling toll roads or turning lotteries over to contractors," reports Bloomberg here. 

"By hiring New York-based Greenhill, Republican Governor Tom Corbett is using a firm that employs his Democratic predecessor, Ed Rendell, as well as a banker who advised the state during Rendell's unsuccessful effort to sell the Pennsylvania Turnpike in 2008." More on Rendell and Greenhill here.
"Greenhill will review all Pennsylvania functions and services except the liquor system, according to the state's request for companies to submit proposals. Corbett has said state parks and prison health care might be run privately.
"States and public agencies nationwide are looking to Wall Street for advice on potential asset sales or leases. Philadelphia hired Lazard Ltd. last year to consider a sale of its Gas Works...

"The compensation for Greenhill, hired Nov. 30, won't exceed $150,000 for three months, and pay for any future work hasn't been set, said Eric Shirk, a spokesman for Corbett. Greenhill may negotiate on any prospective deals on the state's behalf...

"Consultant Public Financial Management, a unit of Philadelphia-based PFM Group, separately evaluated Pennsylvania's liquor operations. In October, PFM estimated in a report that selling wholesale and retail liquor licenses for $1.6 billion may help close $29 billion in unfunded pension liabilities or help pay to improve infrastructure.
"Greenhill's infrastructure advisory effort is led by banker Robert Collins. While at Morgan Stanley in 2008, Collins advised Pennsylvania on the effort to sell the Turnpike to private investors for an upfront payment of $12.8 billion. Rendell championed the proposal, which failed to win the support from state lawmakers."