John E. Olson, Analyst Fired for Enron Skepticism, Dies at 83

Early career and rise at Merrill Lynch

John E. Olson began his Wall Street career in the early 1970s, quickly earning a reputation for meticulous research and an uncompromising ethical standard. By the mid‑1990s he had become a senior analyst in the energy‑trading division of Merrill Lynch, covering a range of utilities and power‑generation firms.

The Enron controversy

In 2000, as Enron Corp. surged to the forefront of the energy‑trading market, Olson grew increasingly uneasy about the company’s aggressive accounting practices and opaque financial disclosures. He warned his colleagues that the firm’s valuation was “significantly overstated” and advised against adding Enron to the firm’s recommendation list.

Olson’s dissent was not well received. Senior management, eager to capitalize on Enron’s soaring stock price, pressured analysts to issue positive coverage. When Olson steadfastly refused to endorse the company, he was summoned to multiple meetings where his judgment was questioned.

Termination and legacy

In early 2001, Merrill Lynch announced a restructuring of its energy‑trading research team. Olson was among the analysts who were let go, officially for “re‑alignment of research priorities.” In reality, his dismissal was widely viewed as retaliation for his outspoken skepticism.

Only months later, Enron collapsed in one of the most infamous corporate frauds in U.S. history. Olson’s earlier warnings were vindicated, and he became a quiet hero among investors and fellow analysts who valued integrity over short‑term profit.

Personal life and passing

John Olson spent his later years in New York City, mentoring young finance professionals and volunteering with financial‑literacy nonprofits. He passed away peacefully at the age of 83, surrounded by family.

Remembering a principled voice

Colleagues remember Olson not only for his analytical acumen but also for his moral courage. As one former coworker put it, “John taught us that a good analyst must be willing to stand alone when the data tells a different story.” His legacy endures as a reminder that integrity remains the cornerstone of responsible financial analysis.