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Essay about Midnight Journal Entry

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The Midnight Journal Entry

Anne T. Lawrence, San José State University

On an overcast afternoon in Portland, Oregon, on Friday, March 28, 2003, Richard Okumoto intently studied a set of hard-copy accounting documents called “adjusting journal entries” spread out on his desk. He had been appointed chief financial officer (CFO) of Electro Scientific Industries, Inc. (ESI), a multi-million dollar equipment manufacturer, just a few weeks earlier. Okumoto was in the midst of closing the company’s books for the third quarter of fiscal year 2003, which ended February 28. An experienced executive who had served as CFO for several other technology firms, Okumoto was familiar with the task, which normally would be routine. But this time, he …show more content…

After the accident, Okumoto’s mother took a job cleaning homes to help support her five children. Okumoto described his relationship with his mother:
She and I had an especially close bond. Shortly before my dad’s accident, both her parents had died. I was the one who supported her through a very difficult year. As a result, she always treated me differently from the other kids—almost like an adult.
The Okumoto family’s financial situation after the accident was difficult. Okumoto had vivid memories of how they coped:
Money was very short. We had to account for every penny. Every week, my mother wrote down in a leather-bound journal everything she earned and everything we spent in the household, down to the penny. Every week, from the time I was ten years old, she went through that with me. We lived on a cash basis. There was no credit card, no second mortgage. In that situation, budgeting became extremely important. Her comment to me was, “You can’t complain [about what you don’t have] unless you understand what’s happening.” Those were her ground rules.
He added this comment about his mother’s values:
The ethics of doing the right thing become very important, because that’s really all you have. [My mother] instilled in me at an early age, regardless of what else you do, always take the high road, always do the right thing. That has influenced me throughout my career. After

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