John Hempton of Bronte Capital called Harry Markopolos’ report today on General Electric “flat-out silly” and “utterly misleading.” Hempton, who admits GE is a “deeply problematic company,” says its Long Term Care business, which Markopolos focuses on, is “for good reason the best performed Long Term Care business in the world.” He adds, “Say what you will, GE remains the unequivocal leader in medical imaging technology and the unequivocal leader in jet engines. In both these there are very few competitors and it would be near impossible to eat into GE’s lead…Harry’s report is silly. The market should ignore it.” Shares of General Electric are down 14%, or $1.26, to $7.76 in afternoon trading.