TALES FROM THE ELEVATOR

For its bracing display of business- world vices, the implosion of W.R. Grace & Co. is hard to beat. For one thing, it has intimations of greed. J. Peter Grace, the ailing 81-year-old chairman, announced his resignation amid disclosures about hundreds of thousands of dollars in company money that had been paid for private security guards, nursing care and the upkeep of a $2 million Manhattan apartment. And of course it has a whiff of treachery. Behind the internal inquiry that led to the patriarch's undoing was chief executive officer J.P. Bolduc, 55, the very person Grace had groomed to succeed...