New report blasts myth of the self-made man

Hey! What happened with the American dream? Start from zero, work hard and you can become a millionaire - and all that jazz? A new report by Responsible Wealth shows that the story of the guy who created his fortune all by himself is a myth. The report spotlights successful entrepreneurs such as Warren Buffet, Ben Cohen (Ben & Jerry's) and Eric Schmidt (Google) - none of them believes they did it by their own. They attribute their success to many factors, among them public schools and colleges, government investment in research and small business assistance, contributions of employees, and strong legal and financial systems. The report (PDF file) concludes that the myth of self-made success is even destructive to the social and economic infrastructure that fosters wealth creation. Google CEO Erich Schmidt admits: "Lots of people who are smart and work hard and play by the rules don't have a fraction of what I have. I realize I don't have my wealth because I'm so brilliant. Luck has a lot to do with it."Plus: Responsible Wealth is a project of United for a Fair Economy, a national non-profit devoted to putting a spotlight on the dangers of excessive inequality of income and wealth in the United States.