POWER OF ATTORNEY


	KNOW ALL MEN BY THESE PRESENTS, that the
person whose name appears below nominates, constitutes and
appoints Chad C. Conwell, Donald F. Crumrine and Robert M. Ettinger
(with full power to act alone) his true and lawful attorney-
in-fact and agent, for him and on his behalf and in his place and
stead in any and all capacities, to execute any and all filings on
Form 4 (Statement of Changes of Beneficial Ownership of
Securities) pursuant to Section 16(a) of the Securities Exchange
Act of 1934 and Section 30(h) of the Investment Company Act
of 1940, as amended ("Form 4 Filings") with respect to changes
of beneficial ownership of securities of FLAHERTY &
CRUMRINE PREFERRED INCOME FUND INCORPORATED
(the "Fund"), and to file with the Securities and Exchange
Commission, The New York Stock Exchange and the Fund such
Form 4 Filings, granting unto said attorney, full power and
authority to do and perform certain acts and things requisite and
necessary to be done in and about the premises as fully to all
intents and purposes as the undersigned himself might or could do.

	IN WITNESS WHEREOF, the undersigned has hereunto
set his hand this 31st day of December, 2009.



/s/ Robert F. Wulf
Name: Robert F. Wulf
Title:   Director, Flaherty & Crumrine Preferred Income Fund
Incorporated


EXPIRES:  January 1, 2011