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.

The Wall Street Journal has indicated that Warren Buffett's Berkshire Hathaway (NYSE: BRK-A) has taken a 5% stake in Kraft Foods Inc. (NYSE: KFT). The stake is under 5% and looks like it was made before activist investor Norman Peltz piled into the food giant, which is under pressure from Carl Icahn as well.

What is odd is that the newspaper noted that it was unclear if Buffett sided with activist investors Peltz and Icahn. This is somewhat amusing when you consider that Buffett invests his monies on a somewhat passive basis and does more voting type initiatives. He rarely steps in and demands that companies leverage their balance sheets or pursue rapid share buybacks for a short term boost. Those initiatives are usually risks to companies because the leverage can hurt on a long term basis. Buffett always looks at these matters in the long term, even if he only holds some of these passive investments for a few quarters.

If you can figure out an average price he paid, probably in the mid-$30s, you can bet that at that price the Oracle of Omaha was thinking there was long term value in Kraft. Based on a $1.80 estimate from First Call for 2007, Kraft trades at 18.8 times 2007 estimates after the 2% drop seen this morning.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.