AS you know, I'm very negative (and short) on California banks and have taken a beating these last 2 days. PACW is my largest short and is up 30% in those 2 days. They released their earnings today and buried deep in their financials I found something very interesting. At the end of last qtr. their allowance for credit losses was $68.8 million with $38 million in non-performing assets. ...
