(Reuters) -Billionaire investor John Paulson, a leading candidate for the role of U.S. Treasury Secretary under President-elect Donald Trump, said on Tuesday his "complex financial obligations" will prevent him from holding an office in the new administration.

Hedge funder Paulson famously made his fortune betting against subprime mortgages at the peak of the 2007 credit bubble, and has since been considered “one of the most prominent names in high finance,” according to The New York Times. Paulson correctly predicted the mortgage crisis, banking $4 billion.