From Open access jeopardizes academic publishers, Reed chief warns:
"The rise of open access publishing of scientific research could jeopardise the entire academic publishing industry, according to the chief executive of Reed Elsevier, the world's largest publisher of scientific journals."
Something will be jeopardized for certain, but it isn't the academic publishing, it is the commercial publishing. As many open access journals and publishing venues have shown, academic publishing does not have to be commercial publishing.
Heh. I was going to say precisely this, but you beat me to it.
When are the Elsevierians going to stop lying outright, to themselves as much as to the rest of us?