Somewhere, an enterprising lawyer is looking into the idea of bringing cases against Wall Street executives on the grounds of unjust enrichment. At least, that is the hope of former New York Gov. Elliot Spitzer, who is surprised the strategy has not been tried yet.

"Someone should test it," Spitzer said this week at Bard College's annual Hyman P. Minsky Conference, suggesting that the right judge might appreciate the chance to claw back bonuses that were based on mythical profits.

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