I think VooDoo said it best when he said "playing with fire". I don't know if anyone has even bothered reading the SEC filing concerning the new CEO. His contract is ONE year. The whole thing reads to me like a temporary position. He is there to facilitate sales of assets upon takeover. You may also see where it directly mentions raising capital. Unless they can, which I seriously doubt, they are under and they know it.
Folks are going to get burned over and over by head fakes thrown in by institutions. They cleaned up good on the last one.
"The failure of Los Angeles-based First Regional Bank, with nearly $2.2 billion in assets and $1.9 billion in deposits, is expected to cost the federal deposit insurance fund $825.5 million."
There is still more NPLs coming, some likely starting to invade the loans that were included in the proposed GW sale. The institutional players will give it another bump or two, and then sell and short to zero. Don't get caught!