Graff says he's not interested in selling out, even at a time when private equity firms like Ronald Burkle's Yucaipa are investing in British jewelers Garrard and Stephen Webster.

FORBES: King of Bling

And then what you've got is folks like my grandmother at the mercy of the private insurance system precisely at the time when they are most in need of decent health care.

WHITEHOUSE: The White House

This level of hands-on management may be impossible for private equity behemoths like Carlyle and KKR, which own dozens of companies at the same time.

FORBES: Buffett's Heinz Partner Not A Typical Private Equity Group