I thought the point was clear, but to attempt to make it more so:
Eric Schmidt stated if there was stuff we didn't want people to know, we shouldn't be doing it. (this was way before the Snowden leaks).
He made it a clear position - don't do anything you don't want to be made public (search back for the old discussion on here about it, as I recall he didn't come out of it well).
So now he's saying the opposite - that we can trust him with stuff we don't people to know (i.e. everything Google knows about us).
Our opinions in how much trust to him are clearly divergent.