From the FDA's web site (emphasis mine):
Food and food ingredients derived from GE plants must adhere to the same safety requirements under the Federal Food, Drug, and Cosmetic (FD&C) Act that apply to food and food ingredients derived from traditionally bred plants
The developer produces a safety assessment , which includes the identification of distinguishing attributes of new genetic traits, whether any new material in food made from the GE plant could be toxic or allergenic when eaten, and a comparison of the levels of nutrients in the GE plant to traditionally bred plants.
FDA scientists evaluate the safety assessment and also review relevant data and information that are publicly available in published scientific literature and the agency's own records.
In my book that qualifies as a statement from the company of "trust us." There's no independent verification. Since GMOs are held to the same standard as traditionally bred plants, no standard either really.
Crossing bacterial genes with corn genes is not quite the same thing as mixing and matching corn genes from one variety with another. When we take a gene from bacteria and insert it into corn we are creating a quite unnatural thing and making a whole lot of assumptions about our understanding of genetic language in the process. Maybe it was safe to do, maybe it was not. With selective breeding and hybridization, you are at least starting with genetically compatible material. You also have millions of years of history demonstrating this to be reasonably safe. Nature prevents humans from impregnating hippos, but GMOs are effectively doing just that as well as things far more perverse.
For many of us, we feel an abundance of caution is merited. Given the players involved, it's really hard for us to simply accept their statements of "trust us." There's no independent verification of safety, just blind faith that Monsanto and co. aren't employing a calculus with our health and their profits.
Credit ... is the only enduring testimonial to man's confidence in man. -- James Blish