When I say we abide by the various open source licenses that apply to our code, I mean it.
So he's saying that Red Hat intends to abide by licenses such as the GNU GPL, and yet...
Simply rebuilding code, without adding value or changing it in any way, represents a real threat to open source companies everywhere. This is a real threat to open source...
Red Hat is claiming that redistribution (which is explicitly allowed and encouraged by the GPL) is a threat to open source. They are also threatening to penalize customers who do exercise the rights granted to them by the licenses that Red Hat claims that they will "abide by".
According to Red Hat the GNU GPL is a threat to open source. And they think this won't make people angry?