Smart or Stupid Strategy - going for SA position AFTER senior year?

I've seen people write about this -- they didn't get FT offer after their junior year internship. so they re-recruit as SA for summer AFTER their senior year.

Can people talk more about this? How viable is this? How do you even do this -- don't all the banks know that you're going to be a fifth year senior? And do they care? I read some people say "just change your email."

Also, isn't this risky? If you don't get FT offer from your junior SA job, then in August, you have to decide whether to start applying for FT job or another SA job? Or maybe can you apply for FT job through Sept. 15, and then if that doesn't work out, start applying for SA jobs maybe after Sept. 15?

I know, a lot of questions, but just seems like a strange strategy -- applying for a SA job after your fourth year of college. But is it a good strategy?