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) her true
and lawful attorney-in-fact and agent, for her and on
her behalf and in his place and stead in any and all
capacities, to execute any and all filings on Form 3
(Initial Statement 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 3 Filings") with
respect to 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 3 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 herself might or could do.

	IN WITNESS WHEREOF, the undersigned has hereunto
set her hand this 28th day of April, 2005.




Name: Karen H. Hogan
Title:   Director, Flaherty & Crumrine Preferred Income
Opportunity Fund Incorporated


EXPIRES:  January 1, 2006