POWER OF ATTORNEY


	KNOW ALL MEN BY THESE PRESENTS, that the
person whose name appears below nominates, constitutes and
appoints Donald F. Crumrine, Robert M. Ettinger and Peter C.
Stimes (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 OPPORTUNITY 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 18th day of February, 2004.



/s/ Martin Brody
Name: Martin Brody
Title:   Director, Flaherty & Crumrine Preferred Income
Opportunity Fund Incorporated


EXPIRES:  February 28, 2005