I had the same problem. My kids use the camera (without asking) all the time. So I thought they messed something up. Anyhow, I opened up the side compartment where the memory card goes. I noticed that two of the metal pins where the CF card goes were bent. I didn't really think anything of it. But then I decided, what the heck! I'll straighten them out. After I did that, the camera miraculously turned on. I'm not going to pretend to understand how everything works in this camera. But that solved my problem.
I've posted this elsewhere on this site but I can't find a simple way of linking directly to it, so I'll repeat it here: ================================= The powere switch is part of the mode dial assembly. Mode dial repair kits are often listed on eBay. Don't try the repair yourself unless you have some experience in dismantling (and more importantly re-assembling!) modern cameras - although given that getting an "official" repair is probably not economic it may be worth the risk. There are instructions for replacing the dial here http://myolympus.org/5050/modedial/ It's really not that difficult but patience and good eyesight are needed.
Try cleaning the contacts in the base of the chamber with a pencil eraser Make sure the Cover makes good contact[press it in] Make sure the battery bottom are bright metal they can get oxidized, New batteries. Olympus Online Tech support
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camera will not turn on even with an ac adaptor
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