Former Lehman Bros. Chief Justifies $350 Million Salary

October 6, 2008 8:03 p.m. EST

Washington, D.C. (AHN) - Richard S. Fuld Jr., former chairman and CEO of bankrupt Lehman Brothers, told a congressional hearing Monday that his $350 million salary from 2000 to 2007 was appropriate despite the investment bank's collapse.

Fuld made the statement during a two-hour grilling from House Oversight and Government Reform Committee.

Fuld did not directly answer a question from panel chairman Rep. Henry Waxman (D-CA) if his exorbitant salary and bonuses is fair while shareholders lost their money. He said, "This is a pain that will stay with me for the rest of my life."

Fuld said he tried his best to save the firm from collapse but the Wall Street crisis overwhelmed the bank.