” Daniel A. D’Aniello, the co-founder and chairman of the Washington-based private-equity giant Carlyle Group, is contributing $20 million to the right-leaning American Enterprise Institute.
In a recent interview at Carlyle’s offices, D’Aniello said that he decided to make the contribution because AEI’s philosophy mirrors his own – a way of thinking nurtured in the 1940s and ’50s in the coal-mining town of Butler, Pa.
” It’s all about freedom, opportunity and enterprise,” D’Aniello, 67, said. “Those are the watch words of AEI, so if I would think about my life, I would think about it in just that way.”
AEI is at a key moment in its history. The organization has become an increasingly relevant source of ideas and policy proposals for Republicans as the party seeks to move its focus away from debt and spending and toward more politically popular policies that directly address the nation’s top challenges, such as poverty and mobility. AEI has championed ideas such as tax credits for the poor that encourage work and vouchers that allow children to attend charter and private schools.
” With respect to the philosophical statements of AEI, the most important is driving a full understanding of what earned success is and what it can mean to your own happiness and success,” D’Aniello said. “It’s very dis-incentivizing to have others take care of your needs.” “
AEI has more on their gift
” The Federal Housing Administration is in the red, according to an official audit released Friday, making a taxpayer bailout “all but certain.” But the reality may be even worse.
The FHA’s capital reserve was -1.44% of loan guarantees, or -$16.3 billion, according to a new independent audit. Last year reserves were still positive at 0.24% and $2.6 billion.
By law, the FHA — which insurers mortgages, mostly for low-income borrowers — is supposed to have a capital reserve of 2%.
The report prompted the chairman of a House Financial Services subpanel, Rep. Scott Garrett, R-N.J., to say that “a taxpayer bailout of the Federal Housing Administration is all but certain.”
And Ed Pinto, a resident fellow at the conservative American Enterprise Institute, says the truth is even worse. “
Illustration By Nate Beeler