Mich we're both a little right on this one. Here's what I found.

"The Poodle was originally used as a hunting dog. While he was very effective on land, the poodles mobility when retrieving in the water was seriously impaired by his extremely dense and curly coat. The huntsmen shaved the poodles rear hindquarters to allow for greater freedom of movement in the water, leaving puffs of hair on the hip joints and ankle joints. The puffs of hair (now called pom-poms and bracelets) were left to help keep the joints warm. The hair was left long of the front half of the poodle to keep the vital organs warm when they swam in cold water."

Here's the website Poodles