Okay, I know. I’m supposed to be in my “beach mentality” mode this week.

But after reading a research note from Frank Boroch at Bear Stearns this morning, I felt compelled to come in and talk about the potential impact that Richard Anderson’s appointment at Delta Air Lines may have.

It’s really pretty simple to figure out.

It’s a play on the old adage, “Follow the relationships.” Oh, and yes, the money usually follows.

With Richard Anderson, ex-Northwest CEO now at the helm at Delta, I think it will only be a matter of time before we see Delta and Northwest hook up. More than a little ironic, considering that Anderson was on the Delta board when the “Keep Delta My Delta” refrain was echoing through the halls as US Airways made its play on the airline.

As one reader wrote to us yesterday, he sees a situation on the horizon that will be set up more like an Air France/KLM deal — with a holding company astride the two existing companies. Would make sense, and would certainly make Doug Parker and Company out in Tempe look like the poster children for what other airlines do not want to duplicate — in terms of union issues, employee integration and other various geographical and cultural turf wars.

Frank pointed out in his note that the merger could create $5 billion in value.

Yep. I am now officially taking bets that it won’t be long before “Keep Delta My Delta” former board member now CEO Richard Anderson will be singing a very different tune.

Ticker: (NYSE:DAL), (NYSE:NWA), (NYSE:LCC)

Technorati Tags: airline CEOs, airlines, Delta Air Lines, Doug Parker, Northwest Airlines, richard anderson, US Airways