Public Matters Should Be Public

Merrill Lynch & Co. keeps fighting the release of testimony to the grand jury that looked into the Orange County bankruptcy. But the company should realize that, in handling bond sales for the county for many years, it was involved in public business. Taxpayers have the right to learn as much as possible about what went wrong.

Superior Court Judge David Carter two weeks ago ordered the release of transcripts of the grand jury testimony. An appeals court agreed. But this week, a state Supreme Court justice said they could remain sealed at least temporarily.

The county district attorney’s office also opposes releasing the transcripts, arguing that grand jury testimony is made public only when indictments result. Because the district attorney agreed to not indict Merrill Lynch, in exchange for a $30-million payment to the county, the transcripts should remain sealed, that argument goes.

The Times and other news organizations have argued that there is no law requiring that the transcripts be kept secret and that in this case, the biggest municipal bankruptcy in American history, the public’s right to know requires disclosure.

Unfortunately, after receiving Carter’s original order, the district attorney’s office dragged its feet in providing the transcripts, giving Merrill Lynch more than sufficient time to appeal and delay. Merrill Lynch argues it did nothing wrong on the road to bankruptcy. Releasing the transcripts would help county residents evaluate that assertion.