Records related to 'Coingate' belong in the public domain

Each day brings some new development in "Coingate," the growing scandal involving the investment of Ohio Bureau of Worker's Compensation money in rare coins, which is why it is premature to call for heads to roll. But the time has come for the BWC to make public all records related to the transactions that began 1998.
The demand for such records has been made by state Sen. Marc Dann, D-Liberty, and at least two newspapers, including The Toledo Blade, which first broke the story of $50 million in public funds being funneled to Tom Noe, a suburban Toledo coin dealer and a major player in state Republican Party politics.
There's a simple rule that should govern the actions of state officials, from Gov. Bob Taft to BWC Chief Executive Officer James Conrad, and it is this: Any time public dollars are being spent, taxpayers should have access to every little detail. The idea that trade secrets trump full disclosure should be aggressively challenged from the governor on down.
In a meeting Tuesday with members of The Vindicator editorial board, Conrad, who has said he had no direct involvement in the evaluation and selection of investment opportunities that led to Noe's getting a contract, said a way may have been found to avoid a court battle for the release of records.
Good return on investment
Conrad said that as a result of questions being raised about the $50 million invested in rare coins -- the return on the investment has been consistently higher than what BWC has derived from traditional instruments, such as stocks and bonds -- decision was made to end the bureau's relationship with Thomas Noe, Inc. But rather than sell the coins the agency owns in a short period of time, the sale will take place over several months. A rush to sell would result in the state's having to get rid of the coins at fire-sale prices. The certain loss in the initial investment would cause a public uproar, seeing as how the decision to put taxpayer dollars into such an unusual investment has raised eyebrows and has occupied the front pages of newspapers around the state.
Conrad's desire to avoid a court battle over the release of all the records is shared by the governor, who has ordered state fraud investigators to conduct a complete inventory of the coins.
Reporters have found that as many as 121 state-owned coins valued at about $400,000 are missing or stolen, but Conrad said his office has been assured by Noe that $1.3 million has been set aside to cover the state's investment if the coins aren't found. The two other coins are being sought by fraud investigators and the BWC chief executive said he has been told that they are insured, which means the state is covered.
But while the various inquiries from the state attorney general, auditor, treasurer, governor's office and the BWC continue, the public still does not have a clear picture on how the investment actually worked, how much risk was involved and who from state government was Noe's primary contact. Those and other issues, such as whether Noe was given special treatment because of his role as a major contributor and fund-raiser for Republicans, would be answered through the release of all records.
The circumstances demand quick and full disclosure.