The New York Times reports that St. Mary’s College in Moraga, Calif., was left holding the bag after a first-time donor reneged on his pledge of $112 million. The school had already spent part of the money on a $25 million science center, and must find funding to cover the bond. Local law enforcement is pursuing charges against the anonymous donor, whose failure to follow through cost the school’s president a job. (Note: This site requires registration.)