Many readers have been intrigued by my recent posts (Will Chase (JPM) or Wells Fargo (WFC) buy WaMu (WM)? and Wells chasing Chase for WaMu -- Act II) regarding various strategic scenarios that might make sense for either J. P. Morgan Chase & Co. (NYSE: JPM) or Wells Fargo & Company (NYSE: WFC) to acquire Washington Mutual, Inc. (NYSE: WM).

If something is happening along these lines, it is all happening quietly behind closed doors. More than one reader suggested that no deal is possible because the Washington Mutual CEO, Kerry Kilinger, does not want to give up his throne and has too high an opinion of himself and the value of the company.

From my perspective this is a deal that has to get done, and if the CEO stands in the way of shareholder, employee, and customer interests he has to go. Time to bring in the corporate raiders -- you listening Carl Icahn; can a deal be done Norman Peltz? Hey Eddie, maybe you could make back the money you lost on Citigroup (NYE: C)! If there were ever a great opportunity this seems like it. The raiders do serve a market purpose.

There are potential buyers waiting in the wings so the raiders could move in friendly like, or do it the hard way, buying in at depressed stock prices, forcing Killinger into submission and doing a quick flip. I think even 'my pal Warren' of Berkshire Hathaway (NYSE: BRK.A), a major investor in Wells Fargo, must be doing some heavy duty pondering on the subject.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of BRK.B and WM.

Citigroup Inc. (NYSE: C), Office Depot Inc. (NYSE: ODP) and Gap Inc. (NYSE: GPS) were three of the top stock ideas mentioned from long-time value investor Bob Olstein in this weekend's Barron's Magazine.

Olstein, who is portfolio manager of Olstein All Cap Fund, likes Citigroup for its 4.8% yield and good earnings power when adjusted for the big hit it is going to take from private equity deals it has committed the financing for. The huge international financial services firm should be able to earn $4.50 per share when all the trouble is past, ergo selling for just 10x earnings. Citigroup is also popping up on Eddie Lambert's holdings these days.

Office Depot is another name the value investor likes. After having a great run earlier this decade, increasing from around $12 per share to $43 by early 2006, the stock has since crashed hitting $24. Olstein believes the office-supply retailer can earn $2.50 per share, implying about a 10x price-to-earnings ratio. Office Depot has recently hired management that drove the success at Autozone and the retailer already generates a ton of free cash flow. Olstein has a $35 price target.

One point comes clearly across from Olstein: he is finding some good bargains following the recent stock market correction.

Lots of people have bought Budweiser when they couldn't really afford it. You could probably find data to support the thesis that millions have borrowed a few dollars to fill their fridges with the cold tasteless brew.

But if rumors are true, financier Eddie Lampert (called the next Warren Buffett - question mark -- by BusinessWeek) could sink himself further in debt than any beer lover, ever, in his quest to own the King of Beers. According to reports, Lampert is ready to launch a buyout of Anheuser-Busch Companies, Inc. (NYSE:BUD), at $56 a share. Shares are up 2% to $47.98 on the whispers. With an LTD-to-equity ratio of 2.4, that would be one heck of a leveraged buyout.

Jim Cramer's skepticism may have kept the stock from going much higher; he claimed that the buyout didn't make much sense and opined that it would not, indeed, happen.

[Photo Brian Teutsch]