Waxman asked Fuld if it was true he made between $400 and $500 million running the company since 2000, referencing Fuld’s vacation homes in Florida and his impressive art collection.
Lehman Brothers filed for bankruptcy last month.
“You did well when the company did well and you did well when the company did poorly,” said Waxman.
Fuld pushed back from the allegation that he made $500 million during the time period, arguing that his cash compensation was closer to $60 million, which he admitted was “still a large number.”
In his opening statement, Fuld expressed regret that he could not save the company he had been with since 1966.
"In the end, despite all our efforts, we were overwhelmed, others were overwhelmed, and still other institutions would have been overwhelmed had the government not stepped in to save them," he said in the statement.
“I feel horrible about what has happened to company and its effects on so many.”