This column was originally published on RealMoney on March 30 at 6:49 a.m. ET. It's being republished as a bonus for readers. For more information about subscribing to RealMoney, please click here.

Who do these tech guys think they are? I am marveling at what happened at


(DELL) - Get Report

yesterday. The

misstatements covered so many issues, but most importantly revenue recognition and margins, making it so the profitability of Dell might be even more narrow than thought.

Which got me thinking: What kind of ethos developed in tech that could be so antishareholder and pro-management? Who advised all of these tech companies to do the wrong thing? Who made up this stuff? How did it survive Sarbanes-Oxley? What kind of renegades ran this part of the economy?

The fast-and-loose behavior we are seeing has been largely contained to this group. But it is just filthy.

  • The buybacks these companies did? Mostly to line the pockets of the insiders because they didn't decrease the float.
  • The returning the money to shareholders in a dividend form? Nada. Consolidations to create value? Heck, the steel industry is more forward looking.
  • Product cycles that get the margins going? How about only video games and high-definition TV? I can't think of anything else that moves the needle. Vista didn't; the Web already has.

Yet the group remains front and center as a place to invest. There are still many funds and managers who believe this group has exciting growth that can turn into big profits.

It hasn't panned out.

Dell's one of the worst examples. It's been years since this stock worked and now we discover that the picture, as bad as it was, wasn't nearly as bad as the reality.

I know portfolios are going to have tech. And I know tech will work in the late summer. But it is a wonder to me how every other area has some upside, except for this one.

What a misallocation of mental resources to invest in this group.

At the time of publication, Cramer had no positions in stocks mentioned.

At the time of publication, Cramer had no positions in stock mentioned.

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