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Rating:Power Writes Down Almost $1 Billion Because of Putnam Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 12, 2009

Power Writes Down Almost $1 Billion Because of Putnam

by: Neil Anderson, Managing Editor

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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