Remember the difference between an non-ST-elevation myocardial infarction and an ST-elevation myocardial infarction? A partially occulisve thrombus is the typical cause of an NSTEMI (also referred to as non-Q-wave MI), and if the thrombus completely obstructs the coronary artery, this results in more severe ischemia and larger amounts of necrosis, and is manifested as an STEMI.
At the electrical level, the ionic leakage that occurs with a transmural MI partially depolarizes the injured myocardium during diastole prior to electrical stimulation, which produces forces heading away from that site thus shifting the ECG baseline downward. So following stimulation, when the entire myocardium has fully depolarized, the voltage is true zero but gives the apperance of ST elevation compared with the abnormally depressed baseline.
In essence:
1) Cause of ST elevation in Transmural MI = Complete thrombus occlusion
2) Electrical level = Injured segment partially depolarizes prior to stimulation