CLCT stock down 9.13% today

[steve B]

I believe PSA will survive, with a few ifs
If they aren't complicit at the management level.
And if they manage to get it together enough to restore confidence.

The Philatelic Foundation, which has an excellent reputation went through a similar scandal in the mid 80's, and actually has someone on the inside involved. They did a lot of work to rebuild confidence, and it took quite some time. At the time, they didn't grade, just authenticated.

https://www.chicagotribune.com/news/...069-story.html

At the moment, all three companies have had what are pretty major issues. They'll all need to address that in one way or another.
SGC has abandoned doing autographs, probably the right move.
What PSA will do about so many altered cards getting through, or what Beckett will do about a former employee getting what appears to be favorable treatment, we'll have to wait for.

[sportscardtheory]

I find it strange, the people downplaying and minimizing this situation. A card in a PSA or BGS slab is supposed to PROTECT us from fraud, not CONCEAL fraud. They have literally failed at the most basic level of their business' mission statements. They have essentially destroyed all faith in their "product", but it's gonna pass over and people are gonna forget? Okay. They sell peace of mind. Well, nice job. EVERY PSA/BGS graded card is suspect now.

[ullmandds]

Originally Posted by sportscardtheory

I find it strange, the people downplaying and minimizing this situation. A card in a PSA or BGS slab is supposed to PROTECT us from fraud, not CONCEAL fraud. They have literally failed at the most basic level of their business' mission statements. They have essentially destroyed all faith in their "product", but it's gonna pass over and people are gonna forget? Okay. They sell peace of mind. Well, nice job. EVERY PSA/BGS graded card is suspect now.

yup!

[robkas68]

I understand the anger, but letting it burn is not exactly an answer. Yes, everybody feels better if a couple people go to jail, but let’s face it that there are a lot of innocent people that are hurt by this. On a smaller scale, it is no different than the housing crisis. A bunch of people did a bunch of terrible things that created a bubble and the crash, but they were not the ones that paid. Yes, a couple people went to jail, but not many.

I never bought a house I couldn’t afford or speculated on real estate, but when I sold my single family middle class home in Florida because I took a new job, I lost 95k. I am fortunate enough that 95k didn’t effect my ability to feed my family but some people lost everything (and they were not the speculators).

When I suggest we start a trade association I understand the hurdles involved, time, money, acceptance, etc. This scandal only brought to light what we already sort of knew, that there are not a lot of controls to help keep it clean. That doesn’t mean it will be completely clean... the stock market isn’t despite the SEC. However, it is clean enough that people still view it as legitimate despite a history of scandals that still dwarf anything PWCC has ever done. Since the hobby will never be important enough to warrant the federal baseball card exchange commission, it is pretty much up to us.

[Peter_Spaeth]

Originally Posted by robkas68

I understand the anger, but letting it burn is not exactly an answer. Yes, everybody feels better if a couple people go to jail, but let’s face it that there are a lot of innocent people that are hurt by this. On a smaller scale, it is no different than the housing crisis. A bunch of people did a bunch of terrible things that created a bubble and the crash, but they were not the ones that paid. Yes, a couple people went to jail, but not many.

I never bought a house I couldn’t afford or speculated on real estate, but when I sold my single family middle class home in Florida because I took a new job, I lost 95k. I am fortunate enough that 95k didn’t effect my ability to feed my family but some people lost everything (and they were not the speculators).

When I suggest we start a trade association I understand the hurdles involved, time, money, acceptance, etc. This scandal only brought to light what we already sort of knew, that there are not a lot of controls to help keep it clean. That doesn’t mean it will be completely clean... the stock market isn’t despite the SEC. However, it is clean enough that people still view it as legitimate despite a history of scandals that still dwarf anything PWCC has ever done. Since the hobby will never be important enough to warrant the federal baseball card exchange commission, it is pretty much up to us.

I am sure people will listen if you have a specific proposal, do you have one?

[robkas68]

Sure, I have some ideas. Getting on a plane, but I will throw some things out on this forum.

[Peter_Spaeth]

Originally Posted by robkas68

Sure, I have some ideas. Getting on a plane, but I will throw some things out on this forum.

Look forward to it.

[drcy]

"... like the kid who pointed out the emperor had no clothes, to open the can of worms."

Like the mix of metaphors

[Peter_Spaeth]

Originally Posted by drcy

"... like the kid who pointed out the emperor had no clothes, to open the can of worms."

Like the mix of metaphors

Some days I'm less literate than others.

[Fballguy]

Why would any TPG that can't detect an altered card even be allowed to exist?

If you can't provide the service you're supposedly an expert at, why do we need you?

[perezfan]

Originally Posted by Fballguy

Why would any TPG that can't detect an altered card even be allowed to exist?

If you can't provide the service you're supposedly an expert at, why do we need you?

Maybe we would see a need for them if they'd get off their ass and issue a statement. Right now their lawyers are likely conjuring up some canned meaningless response, while the jury is out....

50% chance it's simple ineptitude
50% chance it's favorable treatment to preferred customers

Can't be much of anything else. Here's a novel idea... Just provide a truthful explanation. Otherwise they should indeed cease to exist.

[Beastmode]

CU pays a dividend. That's insane. Take that money and invest in technology that can detect what the card manipulators are doing. Create a business that can detect trimming/coloring/stretching, etc., and put a real guarantee on it. Then charge a boatload for that experience.