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Pennsylvania Hires Greenhill to Weigh Sale of State Assets

Pennsylvania hired investment bank Greenhill & Co. to help 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 over lotteries to contractors.

The New York-based firm employs Republican Governor Tom Corbett’s 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.