PSA Response from President Steve Sloan

[70ToppsFanatic]

Originally Posted by barrysloate

Appreciate the kind words Peter but let me say a few things. First off, I have no idea how many altered cards are circulating in holders. We are all speculating, I think, about just how pervasive this problem may be.

Your own expert confirms what I said. This is all speculation based on what we’ve heard and nobody really knows for sure.

The only things we know for sure are:

1) unfortunately the number of doctored items in slabs is greater than zero
2) in all likelihood we will never be able to identify every tainted item
3) in all likelihood it will not be possible to prevent additional doctored items from making it into slabs because as the TPGs get better so do the scammers.

What we also know is that the creation and growth of TPGs has made the situation a lot better than it otherwise would have been, and that the TPGs seem to be committed to continuing to try and continually improve.

I’d like to see all of the innocent collectors affected in this latest “outbreak” spared from harm. I’d also like to see this latest outbreak contained so that it doesn’t spread and hurt other innocent collectors. The one thing I am confident of is that whipping up an angry mob to go after the one stakeholder that has the greatest potential to make things better for everyone, especially when there is no evidence that they were involved in nefarious actions or doing anything underhanded, seems like a bad idea to me.

The defense rests.

[Peter_Spaeth]

Barry is very careful and diplomatic, to his credit. I know what I know, David. I have 25 years of knowledge of what goes on in this industry. You can think what you want and spin as you please. Nothing personal, we just see it differently. And you acknowledge your bias pretty clearly, you want to see the harm minimized. I just want the truth. I am tired of this crap being spun and swept under the rug. We need real change. If PSA genuinely wants to lead the industry, this is a good opportunity to show some meaningful leadership.

[Goudey77]

My point of spamming this video is to to drive home the point that all TPG's should have a stance and be transparent on this topic. It is very clear that the CGC folks are comfortable talking restoration and have built a business model to address the various scenarios. It's the type of excellence we should expect from TPG's.
I understand that taking a stance and speaking about it puts your company under more scrutiny for "getting it right". Integrity and responsibility is what we consumers pay for.

[benjulmag]

Originally Posted by 70ToppsFanatic

Your own expert confirms what I said. This is all speculation based on what we’ve heard and nobody really knows for sure.

The only things we know for sure are:

1) unfortunately the number of doctored items in slabs is greater than zero
2) in all likelihood we will never be able to identify every tainted item
3) in all likelihood it will not be possible to prevent additional doctored items from making it into slabs because as the TPGs get better so do the scammers.

What we also know is that the creation and growth of TPGs has made the situation a lot better than it otherwise would have been, and that the TPGs seem to be committed to continuing to try and continually improve.

I’d like to see all of the innocent collectors affected in this latest “outbreak” spared from harm. I’d also like to see this latest outbreak contained so that it doesn’t spread and hurt other innocent collectors. The one thing I am confident of is that whipping up an angry mob to go after the one stakeholder that has the greatest potential to make things better for everyone, especially when there is no evidence that they were involved in nefarious actions or doing anything underhanded, seems like a bad idea to me.

The defense rests.

Response:

1. I do not say PSA is doing anything underhanded from a criminal perspective. There have been allegations made, but until somebody offers proof, they are just allegations and PSA is entitled to the presumption of innocence.

2. Some of the alterations that have gotten through are so blatant that they are indicative of gross negligence/recklessness. The argument they represent only a small percentage of the cards PSA grade each year is irrelevant. Tell that to the person who plucked down a 4 figure sum to have a card graded, only to find his 5 or 6 figure purchase made in reliance on that evaluation missed the alteration. If a car was made with a manufacturing defect that only 1% of the cars on the road would manifest the problem, there would still be a recall.

3. Truth in advertising. Don't say your product is something you know it is not. A cursory visual inspection WILL NOT detect an expertly done alteration, which alterations you and everybody else should know are being done as we speak by card doctors incentivized by the staggering profits they are making.

4. Simple common sense. How the hell can a tobacco card over a century old have survived in mint or gem mint condition? Yes, I get it that there are the once in a decade finds of vintage uncirculated cards. But that is not what I am talking about.

[Peter_Spaeth]

Right, to be clear, I agree with Corey's first point and I continue to think PSA is not intentionally grading altered cards, taking money for favors, etc. I do, though, question the adequacy of their response to the latest revelations.

Interestingly, years ago, PCGS apparently had enough of certain people trying to get bad coins past them that they sued several coin dealers. to my knowledge PSA has not done the same.

[barrysloate]

Corey's analogy to an auto recall is quite relevant here. PSA should offer a recall to anybody who wants one or all of their cards reviewed, at no charge. And if they find an altered card during the review, they should work out an amicable settlement with the owner. If the number of altered cards is indeed small, then it won't cost them much, and the amount of good will and product trust they will garner will be enormous.

Of course there are problems with this business model- they could choose to avoid seeing an alteration in an expensive card- but the idea of a recall is a pretty damn good plan.

[Peter_Spaeth]

Originally Posted by barrysloate

Corey's analogy to an auto recall is quite relevant here. PSA should offer a recall to anybody who wants one or all of their cards reviewed, at no charge. And if they find an altered card during the review, they should work out an amicable settlement with the owner. If the number of altered cards is indeed small, then it won't cost them much, and the amount of good will and product trust they will garner will be enormous.

Of course there are problems with this business model- they could choose to avoid seeing an alteration in an expensive card- but the idea of a recall is a pretty damn good plan.

They need to be even more proactive in my view, tell us which cards were submitted by known or strongly suspected card doctors because how the hell do we know. Of course it will never happen because of the pressure it would put on the reserve. So we're left to fend for ourselves. And even worse, they then push it off onto the sellers many or most of whom are innocents.

[barrysloate]

Agreed Peter. This whole issue is very convoluted and I really have no idea how it will all pan out.

[Peter_Spaeth]

Originally Posted by barrysloate

Agreed Peter. This whole issue is very convoluted and I really have no idea how it will all pan out.

There's at least an opportunity for it to end up in a better place, but I don't know. This industry has been operating in a set way for a long time and lots of that needs to change, through some combination of punishment, deterrence, and voluntary proactive steps. Unfortunately as in so many human endeavors, all the money in it has just corrupted it.

[Fuddjcal]

Originally Posted by Peter_Spaeth

They need to be even more proactive in my view, tell us which cards were submitted by known or strongly suspected card doctors because how the hell do we know. Of course it will never happen because of the pressure it would put on the reserve. So we're left to fend for ourselves. And even worse, they then push it off onto the sellers many or most of whom are innocents.

what a legitimate company who puts their customers first with integrity would certainly do something proactive like that or what Swarmee suggests. That's what WE would do with our business's. PSA and PWCC are rotten at the core and I don't even think there is an argument there.

They will give verbal blow jobs to everyone and anyone for as long as they can, because that's the kind of companies THEY run. They are both on MY DEAD list and they should be on your's too of companies you will never do business with again under any circumstances. But people are real stupid and that's the one thing you can always count on as well as what PSA & Brent Mastro count on.