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Everyone who's been wondering whether it is A. Incompetence or B. Favorable Grading to preferred customers Got nothing answered. Zero explanation for the hundreds of glaring mistakes they've recently made (likely thousands before this is put to bed). Why would we continue to put our faith in this company, with a pathetic canned "pass the buck" response like that? Written by some faceless attorney who doesn't give a crap about what's right, or the state of the hobby. Screw them. |
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I would have liked to be the fly on the wall in that conversation between Mr Sloan and Mr Huigens.
This pretty much sums it up. PSA stands by their process. Go through the red tape for any concerns. customerservice@collectors.com business as usual. |
I started sending links of the recent scandal(s) to the major holders of CLCT stock today. It really bothers me that people are making a profit based on high grading fees (and will not stand behind the product). Everyone should contact the principals of these organizations and let them know what they are holding.
Top Institutional Holders Holder Shares Date Reported % Out Value Renaissance Technologies, LLC 726,863 Mar 30, 2019 7.95% 12,734,639 Dimensional Fund Advisors LP 333,701 Mar 30, 2019 3.65% 5,846,441 North Star Investment Management Corp 302,325 Mar 30, 2019 3.30% 5,296,734 Vanguard Group, Inc. (The) 293,803 Mar 30, 2019 3.21% 5,147,428 Sterling Capital Management LLC 202,090 Mar 30, 2019 2.21% 3,540,616 Dalton, Greiner, Hartman, Maher & Company 194,472 Mar 30, 2019 2.13% 3,407,149 Royce & Associates LP 180,575 Mar 30, 2019 1.97% 3,163,674 Pembroke Management, LTD 138,337 Mar 30, 2019 1.51% 2,423,664 FMR, LLC 132,366 Mar 30, 2019 1.45% 2,319,052 Wells Fargo & Company 130,498 Mar 30, 2019 1.43% 2,286,324 |
Maybe they'll rent PWCC's booths at the National to set up a refund line.
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Do Dave Forman and SGC have it in them to step up their game and win some business away from PSA at this point?
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http://photos.imageevent.com/exhibit...ong%20jack.gif
Mr. Chow's hand is getting worn out by all these half-assed statements. |
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LOL, I find it funny that the largest holder is a quant fund. That's what you get for straying from fundamental investing. |
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the most unbelievable line
"[PSA] will not let isolated acts from a few dishonest actors deter consumer confidence in our brand."
Ummm...aren't you the ones people are largely relying on and paying to deter the dishonest actors? Do that and maybe people will have confidence in the brand. Can't make this stuff up. |
Both PWCC and PSA are going to be at the Long Beach Coin Expo Thursday-Saturday. I'm sure that I'll give thanks to PWCC.
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PSA's live Facebook video day is tomorrow: early with Vintage Breaks, followed soon after by Rico Petrocelli's show. We'll see if they show up to those before claiming they'll be at a small show right now.
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Sloan is living in fantasyland. Yup, we should just trust him to handle this privately like we trusted him to grade our cards privately and then rely on the results the same way. A fraction of the people who have been directly impacted by this are probably even aware as to what has transpired so doing this his way will result in a very small percentage of cards getting returned for refunds. Well unfortunately for Mr. Sloan I'm pretty certain this time is going to be different and this is not going to get swept under the rug like it has in the past.
I can assure you lawyers are actively searching for plaintiffs to file lawsuits against PSA and others and they will be forced to turn over entire lists of cards submitted by the offending parties so that everyone impacted has an opportunity to be made whole. And then, whether it's found to be $1 or millions of dollars that need to be paid back, I suspect the courts or law enforcement will then determine who has liability for what and the chips will fall as they may. And while it's mighty nice of you to pass the buck to the "few dishonest actors," perhaps it might be a better idea to look in the mirror and ask why at best your graders were completely incapable of stopping much of this? Why were you continuing to accept cards from known fraudsters? And finally why, if you "take consumer protection seriously" are you forcing people to sue you to get the lists of all cards submitted by Moser and PWCC instead of releasing it yourself? We are spending upwards of $5000 per card to rely on you to catch these folks and instead you chose to cash our checks and laugh. I'll be very surprised if you'll be laughing for long. |
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I wonder if SGC was at the top of the grading mountain would they be in the same @#$%storm that PSA is in?
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They were the smartest people by shuttering the auto authentication arm, either by chance or by intention. |
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Guess all those bad t206 autos just got brushed under the carpet. |
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IMO the best customer-focused action that PSA could do at this point would be to publish all the certification numbers (or tag them via the certification verification) of cards submitted by or on behalf of known card doctors.
I believe they owe that to their customers, i.e., those who have supported their brand. Edited to add that I emailed this request to Messrs. Orlando and Sloan |
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I do try to stand up for I feel is right and fight authority whenever I can. PWCC has been on my s*** list but now you can add PSA to the list of companies I'm hating on right now after that very weak response. Just pathetic. My fake crap is going into the attic immediately right next to my fake autographed photos and fake baseballs. I'm done. What I have I have and not 1 more PERIOD! I am done talking about it which will make many of you very joyous:( (especially Leon) The last thing I do for the hobby and my fellow collectors will be to get the F Face cards made for the National. |
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I'd also go out on a limb and say, with regards to the T206 sig scandal, that it was likely one guy who authenticated the majority of those, and I would assume he is no longer employed? |
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This guy made a nice post over at the PSA message board. Looks like some of their guys are reading this board, and think we're being too harsh.
Those guys should read more threads and see how involved PSA is in this scandal. The other thing I'm not thrilled with is that this is posted on only one of their message boards, and you have to click and scroll around on the site to even find it. Despite how weak it is, it needs to be plastered on the FRONT PAGE of their website in that center slot, so that everyone who visits the site can read it. |
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Through all this the PWCC banner ad remains up.
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Unconvincing Attempt at Damage Control
The scariest thing about the PSA statement is how much effort they put into trying to convince us that the virus is contained and will be eradicated — without any explanation as to what the cure is — by suggesting that it’s an “isolated act” and not an absolute plague on the hobby. Even Exxon had better statements after the Valdez oil spill.
Congratulations for rejecting “thousands of altered and counterfeit cards . . . each year.” If you reject thousands of altered cards and you encapsulate thousands of altered cards you’re doing about as well as a coin flip. What exactly is “[y]our on-going investments in grading and holder technology”? The “lighthouse logo” now acts more like a traditional lighthouse, alerting oncoming collectors to rocky shores beneath the glow. Never mind that if you lock a trimmed card in Fort Knox, all you’ve managed to do is protect a trimmed card. The seatbelt is somewhat less helpful after the crash. “[I]solated acts from a few dishonest actors”? The bubonic plague requires humans to be isolated so that the disease doesn’t spread. These acts were the opposite — the were intentionally socialized, designed to spread altered cards into all of our collections. You can isolate as many actors as you want today, but the damage already done has extremely far-reaching, and invasive effects. These cards are in all of our collections, and they stain the good ones with an unwashable air of doubt and uncertainty. “Rest assured that PSA will not let the actions of a few have any lingering impact on the hobby or the PSA brand.” You’ll forgive me if I’m not feeling all that reassured by this statement. How are you going to clean up the spill? |
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