Trump backer John Paulson bows out as possible Treasury Secretary pick

Hedge fund chief John Paulson removed himself Tuesday from consideration as a potential nominee for Treasury secretary by President-elect Donald Trump.

Paulson said, "My complex financial obligations would prevent me from holding an official position in President Trump's administration at this time."

"However, I intend to remain actively involved with the President's economic team and helping in the implementation of President Trump's outstanding policy proposals," Paulson said in a statement.

The Trump donor, who is the head of Paulson & Co. hedge fund, is famous for having shorted the subprime mortgage market in 2007, a year before the financial crisis.

Paulson predicted in September that the stock market would crash if Vice President Kamala Harris won the presidential election.

The Wall Street Journal first reported that Paulson had dropped out of consideration for the Treasury post.

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