Over in the New York Sun, Dan Dorfman reports:

One of the more intriguing wagers is a $40,000 bet an institutional broker made last Monday that a former senator of Tennessee, Fred Thompson, now an actor on the blockbuster TV hit, “Law & Order,” would be on the 2008 Republican ticket as either the nominee for president or vice president. The broker got 4–1 odds on his bet — made with one of the Street’s most successful hedge fund traders — and would collect $160,000 if he wins.

That’s not even the biggest bet recently:

One of the biggest Wall Street bets on the 2008 election involves an even-up $150,000 wager made last week by two officials at one of the city’s largest buyout firms. The head of the firm is convinced our next president will be Senator Obama of Illinois, who, he says, “not only has momentum, but is wowing the public like JFK did.” One of his partners, though, on the other side of the wager, is equally certain Mrs. Clinton will reside once again at 1600 Pennsylvania Avenue. If neither of their candidates wins, the bet is null and void.

According to the article, betting on the election is illegal.

UPDATE: On a related note, Rich Lowry writes in the Corner regarding Fred Thompson’s potential presidential campaign, “Now, the odds seem to strongly favor him getting in. If I had to bet, I’d say he does it.” I trust Rich’s sources.