Bacalao is a Spanish stew of salt cod, tomatoes, potatoes and garlic. It is traditionally served during the Christmas and Lenten season. Be sure to allow time to soak the salt cod to remove most of the salt.
Pour cold water over cod in large bowl. Cover. Refrigerate at least 4 hours or up to 2 days, changing water 3 times a day, until most of the salt is removed. (The less time the cod is soaked, the saltier it will be.) Drain. Break cod into large flaky pieces. Set aside.
Heat oil in large skillet on medium heat. Add onion, garlic, almonds and red pepper; cook and stir 3 minutes or until onions are softened. Stir in tomatoes. Bring to boil, stirring occasionally. Reduce heat to low; simmer, uncovered, 15 minutes or until most of the liquid has evaporated.
Gently stir in flaked cod, cooked potatoes, pimientos, olives, bay leaves and oregano until well blended. Bring to boil. Cover. Reduce heat to low; simmer 15 minutes longer or until cod is tender. Stir in parsley. Serve over rice, if desired.