May 25, 1913: J. Peter Grace, long serving CEO and prominent busybody, is born in Manhasset, N.Y. Grace joined W.R. Grace & Co., the company founded by his grandfather, in 1936. By sheer dint of his talent and work ethic, Grace worked his way up to the CEO’s post nine years later. He served as chief executive for 47 years, during which time W.R. Grace grew into a multibillion-dollar, multinational company with a staggering asbestos liability exposure, which forced it into bankruptcy in 2001. J. Peter Grace became known to the American public as chairman of the Grace Commission, a private sector group appointed by President Ronald Reagan in 1982 to root out government waste. Grace tirelessly promoted the commission’s report, which included nearly 2,500 specific cost-cutting recommendations. The job came naturally to Grace, who remained a committed foe of government inefficiency and budget deficits until his death in 1995. He is currently spinning wildly in his grave.—
Jeffrey Kanige
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