From Melville to Madoff, the Confidence Man is an essential American archetype. George Roy Hill's 1973 film The Sting treats this theme with a characteristic dexterity. The movie was warmly received in its time, winning seven Academy Awards, but there were some who thought the movie was nothing more than a slight throwback. Pauline Kael, among others, felt Hill's film was mechanical and contrived: a callow and manipulative attempt to recapture the box-office success of Robert Redford and Paul Newman's prior pairing, Butch Cassidy & The Sundance Kid.

Matthew Specktor's...