Outlook 2007 meeting scheduler bug?

My copy of Outlook has a few email accounts set up on it. The default
is my personal account.

When I create a new meeting request with that personal account
selected and then look at the Scheduling view to see everyone's
availablility, everything works fine. If I then select my Exchange
server account as the account from which to send the meeting request,
suddenly the Scheduling view displays everything in GMT -12 hours
instead of my local time zone (GMT -6 hours). What's going on?