But on Thursday, the former New York governor, Attorney General and so-called "Sheriff of Wall Street" released a triumphant new ad aimed at sending a message to Wall Street.
It's the second piece Spitzer's campaign has released. And it strikes a different tone from the first, in which he briefly apologized for his involvement in a prostitution scandal that led to his resignation as Governor of New York.
The new spot shows scenes of a completely empty Wall Street set to heroic, Revolutionary War-esque music, and closes with the message: "Guess they heard he's back."
The message Spitzer's campaign tries to convey is clear – the city's financial titans are quaking in their boots at his mere candidacy.
Watch the new ad here: