$9M Worth of Advice

Here’s a quick trivia question for all you BankInnovation.net readers. Question: How much is good advice worth to the FDIC?

Answer: $9.12 million.

That’s how much the FDIC is paying Perella Weinberg Partners LP to “provide financial advisory services” to the the FDIC for up to two years. This little-known factoid was made public recently through a Freedom of Information Act request of the FDIC. The FDIC even publish its contract with Perella Weinberg.

Perella Weinberg is the boutique investment advisory firm headed by legendary M&A banker Joe Perella, who for many years captained Morgan Stanley’s M&A unit. The FDIC signed up Perella Weinberg last January.