U.S. Treasury Taking Advice On Ally Financial IPO

According to the New York Times Deal Book, the U.S. Treasury hired Perella Weinberg Partners to advise the government on Ally Financial's impending initial public offering, according to a contract posted online today.

Ally Financial, which used to be known as GMAC, is set to go public later this year. The government owns nearly 74% of the company, with Cerberus Capital and General Motors (NYSE: GM) owning the rest. Several banks are set to go to Washington today to make their presentations to become the lead underwriter on the deal.

Perella Weinberg has a 12 month contract at $500,000 a month for its services. The contract can be extended an additional 6 months, if need be.