"Conducting any additional review regarding events that took place over 30 years ago would not be productive," he wrote. "The passage of time would make reconstruction of the facts and circumstances unreliable, and would not allow the information gathered to be considered in the context of the time in which the events took place.

"Our review also considered the fact that Senator Kerry's post-active duty activities were public and that military and civilian officials were aware of his actions at the time. For these reasons, I have determined that Senator Kerry's awards were properly approved and will take no further action in this matter."

In other words they don't want to wade into this political fray- so the default mode is the assumption that without starting a formal investigation is that the metals were approved properly.
And as it stands now Kerry, has yet to give permission to allow his miltary records to be made public.

Meanwhile in Tinfoil hat country:
We have the situation of Bush giving permission to have his miltary records released, and additionally President Bush has ordered that the miltary aggressively search for any of his miltary records and to publically release them. Meanwhile the press seems to find fault with the White House not handing enough stuff to the press.
Over on the Kerry camp. Kerry refuses to give permission to have his records made public. And is selectively handing information over to the press, which Kerry's team *claims* is information from actual miltary docs.
So the Bizarro World press finds fault in Bush not selectively releasing his records and seems quite happy to have the information come from Kerry without the ability check this information against a reliable source.