Stephen Schwarzman

Today's philanthropists are increasingly uncomfortable with the "write-a-check-and-forget-about-it" model. From Bill Gates to Philip Berber, they are taking a more active role in the way their money is given and the ways in which it is spent.

As private-equity giant KKR moves at last toward completing its own IPO, it is opening up its internal finances to the SEC. One of the more interesting items: How little its two billionaire founders, cousins Henry Kravis and George Roberts, earned from the business last year.

Now that private equity is no longer producing monster returns, it's time to assess its value. By using debt, buyout shops have taken over struggling companies and enriched investors. But critics say the practice leads to more layoffs and the "flipping" of companies.

Forbes is the leader in gawking at the richest among us. Its latest list of billionaires shows that they took a $300 billion hit in 2008 -- down 19 percent, to $1.27 trillion. More interesting than that is Forbes's analysis of some of the common traits of the members of their list. When it comes to...