Wednesday, September 15, 2021

Carlyle Co-founder to Get Doctor of Humane Letters

Carlyle Group co-founder Daniel D'Aniello will receive an honorary doctorate from Syracuse University.  D'Aniello studied transportation economics at Syracuse as an undergraduate.  The press release stated

D'Aniello found success in the international world of business as a pioneer in the private equity industry, and his philanthropic impact has had a broad reach.

Interestingly, Syracuse described their distinguished alum in another 2010 article as:

With his partners William Conway Jr. and David Rubenstein, he cofounded the Carlyle Group in 1987. They used politically connected advisors such as former President George H.W. Bush and former British Prime Minister John Major to buy defense-oriented firms, turning them around and selling them for profit. He serves as Chairman of the Board, running the firm’s daily operations. 
That sounds a bit shady, but it got D'Aniello the funds to contribute to Syracuse University.

The Carlyle Group’s big returns have made D’Aniello and his family rich and continues to show his gratitude through donations to several institutions, one of which is Syracuse University. The D’Aniello Entrepreneurship Internships, an internationally recognized initiative, are named after him as a testimony to what he stands for: the entrepreneurial spirit, hard work, imagination, aggressiveness, tenacity, and strong moral values.

Strong moral values are not a core competence of private equity underwriters (PEU).  Carlyle affiliate Landmark Aviation conducted rendition flights of terror suspects to black CIA sites for enhanced interrogations, i.e torture.

As a business leader, D’Aniello has long championed diversity and equity. 

There is little equity in the spoils going to billionaire rich PEU sponsors and executives of Carlyle's affiliate companies.  Employees usually take a big hit in a private equity buyout as interest expense explodes.  

The is no fairness in the greed and leverage boys keeping their preferred carried interest taxation for the last decade.  Public opinion wanted the rich to pay more in taxes, but policy making billionaires prevented that from happening.

The public has long found healthcare costs outrageous, but the innovative PEU boys bought us surprise medical billing.  Congress is yet to address this grossly unfair practice.  

Carlyle bankrupted two healthcare providers, nursing home giant ManorCare and LifeCare Hospitals, where 24 patients died in Hurricane Katrina's aftermath.   Those deaths warranted not one mention in the White House Lessons Learned report on Hurricane Katrina.

The letters PEU are not humane, not in the least.