Some readers might think that Eliot Spitzer's decision this week to drop his attempt to retry former Bank of America broker Ted Sihpol for after hours mutual-fund trading is an act of prosecutorial compassion.... Mr. Spitzer is belatedly cutting his losses. Mr. Sihpol, remember, played a bit role in the "late trading" case surrounding hedge fund Canary Capital. A jury in June repudiated Mr. Spitzer's case by clearing Mr. Sihpol of 29 of 33 criminal counts, with just one juror holding out for a mistrial on the remaining four. Mr. Spitzer vowed to re-fight those counts -- that is, until...