Yesterday I heard one of many rumors about what might happen to Washington Mutual (NYSE: WM) and this one concerned "my pal Warren" having an interest in acquiring a position in the bank. At first I paid no attention but then I thought about how beautiful that would be. For Warren Buffett, it would elevate business to an art form, something he is admired for the world over.

In a previous post, Icahn should raid WaMu before Chase or Wells -- Act III, I had some thoughts about the corporate raider and value builder and all the strategic ramifications these intertwined companies might have; but that was all business.

For Warren Buffett, the Oracle of Omaha and chairman of Berkshire Hathaway (NYSE: BRK.A), a merger would surely be a thing of beauty. You see my fantasy goes like this: Berkshire acquires shares of WaMu in the open market, building a position as Buffett so often does in an undervalued company until he controls 8% to 10% of the stock. He then takes a seat on the board and creates his own merger & acquisition committee. From there, he negotiates a buyout with none other than Wells Fargo (NYSE: WFC) another bank he holds a major position in, a position that has been growing.