The Rhodes Scholarship, one of the world's most sought-after and snobbish scholarships to Oxford University, is running out of money forcing the trust which runs it to issue an unprecedented appeal to its privileged alumni for help. This is said to be the first time in its 100-year-old history that the Trust whose beneficiaries include some of the world's most high-profile leaders, including the former U.S. President, Bill Clinton, is asking — rather than offering—assistance The scholarships were established by Cecil Rhodes, founder of the erstwhile apartheid Rhodesia and the diamond company De Beers.