-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-09-006499.txt : 20090210
<SEC-HEADER>0001144204-09-006499.hdr.sgml : 20090210
<ACCEPTANCE-DATETIME>20090210122611
ACCESSION NUMBER:		0001144204-09-006499
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090130
FILED AS OF DATE:		20090210
DATE AS OF CHANGE:		20090210

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flaherty & Crumrine PREFERRED INCOME OPPORTUNITY FUND INC
		CENTRAL INDEX KEY:			0000882071
		IRS NUMBER:				954355600
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		(626) 795-7300

	MAIL ADDRESS:	
		STREET 1:		301 COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREFERRED INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	19920929

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BANC OF AMERICA SECURITIES LLC
		CENTRAL INDEX KEY:			0001185371
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		09584458

	BUSINESS ADDRESS:	
		STREET 1:		100 N TRYON ST., 25TH FLOOR
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28255
		BUSINESS PHONE:		2026244127

	MAIL ADDRESS:	
		STREET 1:		100 N TRYON ST., 25TH FLOOR
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28255

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BANK OF AMERICA CORP /DE/
		CENTRAL INDEX KEY:			0000070858
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		09584459

	BUSINESS ADDRESS:	
		STREET 1:		BANK OF AMERICA CORPORATE CENTER
		STREET 2:		100 N TRYON ST
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28255
		BUSINESS PHONE:		7043868486

	MAIL ADDRESS:	
		STREET 1:		BANK OF AMERICA CORPORATE CENTER
		STREET 2:		100 N TRYON ST
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28255

	FORMER NAME:	
		FORMER CONFORMED NAME:	BANKAMERICA CORP/DE/
		DATE OF NAME CHANGE:	19981022

	FORMER NAME:	
		FORMER CONFORMED NAME:	NATIONSBANK CORP
		DATE OF NAME CHANGE:	19920703

	FORMER NAME:	
		FORMER CONFORMED NAME:	NCNB CORP
		DATE OF NAME CHANGE:	19920107

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
		CENTRAL INDEX KEY:			0000728612
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		09584457

	BUSINESS ADDRESS:	
		STREET 1:		4 WORLD FINANCIAL CENTER
		STREET 2:		NORTH TOWER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10080
		BUSINESS PHONE:		2126702273

	MAIL ADDRESS:	
		STREET 1:		4 WORLD FINANCIAL CENTER
		STREET 2:		NORTH TOWER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10080

	FORMER NAME:	
		FORMER CONFORMED NAME:	MERRILL LYNCH PIERCE FENNER & SMITH INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>v139122_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2009-01-30</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000882071</issuerCik>
        <issuerName>Flaherty &amp; Crumrine PREFERRED INCOME OPPORTUNITY FUND INC</issuerName>
        <issuerTradingSymbol>PFO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000070858</rptOwnerCik>
            <rptOwnerName>BANK OF AMERICA CORP /DE/</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>BANK OF AMERICA CORPORATE CENTER</rptOwnerStreet1>
            <rptOwnerStreet2>100 N TRYON STREET</rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTE</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28255</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001185371</rptOwnerCik>
            <rptOwnerName>BANC OF AMERICA SECURITIES LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 N TRYON STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTE</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28255</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000728612</rptOwnerCik>
            <rptOwnerName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INC.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4 WORLD FINANCIAL CENTER</rptOwnerStreet1>
            <rptOwnerStreet2>NORTH TOWER</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10080</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Auction Rate Preferred</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>213</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Subsidiary</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The Auction Rate Preferred Shares (&quot;Shares&quot;) reported in Table 1 represent 7 Shares beneficially owned by Merrill Lynch,
 Pierce, Fenner &amp; Smith, Inc. (&quot;MLPFS&quot;) and 206 Shares beneficially owned by Banc of America Securities LLC (&quot;BAS&quot;).   MLPFS
 and BAS are each indirect, wholly owned subsidiaries of Bank of America Corporation (&quot;Bank of America&quot;).</footnote>
    </footnotes>

    <remarks>The Shares reported herein represent Bank of America's combined holdings in multiple series of auction rate preferred
 securities of the issuer, which are treated herein as one class of securities in accordance with the Auction Rate
 Securities-Global Exemptive Relief no-action letter issued by the Securities and Exchange Commission (SEC) on September 22,
 2008.  Bank of America undertakes to provide upon request by the SEC, the issuer or a security holder of the issuer,
 complete information regarding the number of equity securities of the issuer purchased or sold at each different price and
 date of all transactions in such securities that occurred after Bank of America became a 10% owner but prior to the date of
 this filing.</remarks>

    <ownerSignature>
        <signatureName>/s/ Debra I. Cho, Senior Vice President, Bank of America Corporation</signatureName>
        <signatureDate>2009-02-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Adam Strouse, Principal, Banc of America Securities LLC</signatureName>
        <signatureDate>2009-02-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Pia Thompson, Assistant Secretary, Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</signatureName>
        <signatureDate>2009-02-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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