Wall Street veteran drops Treasury bid, leaving hedge fund manager as top pick
Key position in Trumps future cabinet sees unexpected change as one main candidate steps away. Long-time hedge fund manager with strong market track-record becomes leading contender
John Paulson stepped back from Treasury secretary consideration due to his money-matters leaving Scott Bessent as main pick for the role (which shapes US financial policy and global-trade decisions)
The south-carolina born Bessent – whose career spans four decades – built his name at Soros Fund Management: helping make a billion-dollar profit on the british pound trade back in 92. His current venture Key Square Group which he started in 15 manages about 577M dollars and showed good results with a 31% gain last year
I was all in for President Trump. I was one of the few Wall Street people backing him
Bessent got his start after Yale (where he almost became a journalist) and worked with well-known investor Jim Chanos. His connection to the trump family goes way back through Roberts Trump – Donalds late brother‚ and hes been helping with campaign economics lately
The markets watch this pick closely since it affects:
- Trade policies
- Bank rules
- Global money matters
- Tax changes
While Paulson wont take the job he said hell stay close to the presidents team and help with money plans. The transition team spokeswoman Karoline Leavitt notes that final picks will come when theyʼre ready
