I recently ran into an issue where I ran Outlook on my server and connected to Exchange using my personal account. The personal account was not a domain admin account. When you do this there is a problem. Windows cache your username/pass. So the next time you open Exchange system manager it will act like it is logged in as the normal user.
Anyways to fix the problem just go start>run and type control keymgr.dll and delete the cached credentials.
Another symptom of this problem whenever you try to do anything in ESM you get the following errors “The parent object for” %servername% “could not be found”