<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>3
<FILENAME>galea1203.txt
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>


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
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 8th day of December, 2002.



/s/ David Gale
Name: David Gale
Title:   Director, Preferred Income Opportunity Fund Incorporated


EXPIRES:  February 28, 2004


</TEXT>
</DOCUMENT>
