<SEC-DOCUMENT>0001172661-15-001534.txt : 20150814
<SEC-HEADER>0001172661-15-001534.hdr.sgml : 20150814
<ACCEPTANCE-DATETIME>20150814070140
ACCESSION NUMBER:		0001172661-15-001534
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150814
DATE AS OF CHANGE:		20150814
EFFECTIVENESS DATE:		20150814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAHERTY & CRUMRINE INC
		CENTRAL INDEX KEY:			0001261239
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-11701
		FILM NUMBER:		151052490

	BUSINESS ADDRESS:	
		STREET 1:		301 E. COLORADO BLVD
		STREET 2:		SUITE 720
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		6267957300

	MAIL ADDRESS:	
		STREET 1:		301 E. COLORADO BLVD
		STREET 2:		SUITE 720
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
</SEC-HEADER>
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<TYPE>13F-HR
<SEQUENCE>1
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      <filer>
        <credentials>
          <cik>0001261239</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>06-30-2015</periodOfReport>
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  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2015</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>FLAHERTY &amp; CRUMRINE INC</name>
        <address>
          <ns1:street1>301 E. Colorado Blvd</ns1:street1>
          <ns1:street2>Suite 720</ns1:street2>
          <ns1:city>Pasadena</ns1:city>
          <ns1:stateOrCountry>CA</ns1:stateOrCountry>
          <ns1:zipCode>91101</ns1:zipCode>
        </address>
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      <reportType>13F COMBINATION REPORT</reportType>
      <form13FFileNumber>028-11701</form13FFileNumber>
      <otherManagersInfo>
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          <name>QUALCOMM INC/DE</name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Chad C. Conwell</name>
      <title>Executive Vice President and Chief Compliance Officer</title>
      <phone>626-795-7300</phone>
      <signature>/s/   Chad C. Conwell</signature>
      <city>Pasadena</city>
      <stateOrCountry>CA</stateOrCountry>
      <signatureDate>08-14-2015</signatureDate>
    </signatureBlock>
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    <nameOfIssuer>BARCLAYS BANK PLC</nameOfIssuer>
    <titleOfClass>ADR PFD SR 5</titleOfClass>
    <cusip>06739H362</cusip>
    <value>23354</value>
    <shrsOrPrnAmt>
      <sshPrnamt>898228</sshPrnamt>
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      <Sole>898228</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BARCLAYS BANK PLC</nameOfIssuer>
    <titleOfClass>ADS7.75%PFD S4</titleOfClass>
    <cusip>06739H511</cusip>
    <value>1877</value>
    <shrsOrPrnAmt>
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  <infoTable>
    <nameOfIssuer>BARCLAYS BANK PLC</nameOfIssuer>
    <titleOfClass>SP ADR 7.1%PF3</titleOfClass>
    <cusip>06739H776</cusip>
    <value>17307</value>
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      <Sole>666181</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CIT GROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>125581801</cusip>
    <value>4088</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87960</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>87960</Sole>
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    <titleOfClass>CUM PFD E 7.25%</titleOfClass>
    <cusip>294628409</cusip>
    <value>5760</value>
    <shrsOrPrnAmt>
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      <Sole>223437</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL BK SCOTLAND GROUP PLC</nameOfIssuer>
    <titleOfClass>SP ADR PREF T</titleOfClass>
    <cusip>780097713</cusip>
    <value>31378</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ROYAL BK SCOTLAND GROUP PLC</nameOfIssuer>
    <titleOfClass>SP ADR PREF S</titleOfClass>
    <cusip>780097739</cusip>
    <value>1945</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>78000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL BK SCOTLAND GROUP PLC</nameOfIssuer>
    <titleOfClass>ADR PREF SHS Q</titleOfClass>
    <cusip>780097754</cusip>
    <value>759</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL BK SCOTLAND GROUP PLC</nameOfIssuer>
    <titleOfClass>SP ADR PREF M</titleOfClass>
    <cusip>780097796</cusip>
    <value>1931</value>
    <shrsOrPrnAmt>
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    </shrsOrPrnAmt>
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      <None>0</None>
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