Power Financial just reported its first quarterly loss in 15 years, according to Bloomberg, and it looks like Putnam contributed to that. On Wednesday the Canadian firm unveiled a net loss of $773 million for the fourth quarter of 2008 (compared to positive $532 million in net earnings in the year-ago period) and net earnings of $1.337 billion for the year (compared to $2.044 billion in 2007), which included a $983 million "write-down of intangible assets and goodwill relating to the acquisition of Putnam in 2007." 

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