Quote:
Originally Posted by Peter_Spaeth
I think it's engrained in their corporate culture. WIWAG all over again. Only now they have the Registry and the backing of a huge number of people with huge sums invested in slabs, and huge inventories of slabs. No wonder Sloan can not even mention the scandal in his talk, and tell people with altered cards to look to their sellers not PSA in spite of the plain language of the guarantee. A few malcontents who skipped the Kool Aid stirring up trouble.
|
Agreed. It's truly astounding how they've managed to pull this off for so long with no major repercussions and even more amazing, I noticed their stock price is still on the increase. Is it just a big confidence scheme with slick marketing, aggressive and slick damage control with a low-cost, minimal-skill service?
Think about this. PSA was founded in 1991 before the internet took off. Hypothetically, let's say one founded the company with the mindset that it would be next to impossible for customers on a mass scale to measure or detect the quality of your service, then the exposure to "buy back" liability would be practically non-existent. Furthermore, what budget did they set aside annually to improve the quality for detecting alterations? Fast forward 15-20 years, where massive problems have been brought to light either by admissions of doctoring or by viewing "before and after" photos of doctored cards bought and sold - all through the internet. The fact the PSA has shown no effort to fix these problems over such a long period of time is very telling in my opinion and warrants answers from PSA regarding the intent of their business model and quality of service.