After what Abel said about FaceBook owning all information that has been posted on its website, I went to read FaceBook's privacy policy. Guess what I found?
5. We always appreciate your feedback or other suggestions about Facebook, but you understand that we may use them without any obligation to compensate you for them (just as you have no obligation to offer them).
So Abel was right.
If that was really the case, that means I wouldn't know who has a hold of my personl information, even though I'd set my privacy status to 'friends only'. Again, it would probably explain why I get so many spam phone calls from property agents and all the whatnot.
A scary thought.
What seemed conflicting about the privacy policy is this...
You own all of the content and information you post on Facebook, and you can control how it is shared through your privacy and application settings. In addition,
1. For content that is covered by intellectual property rights, like photos and videos ("IP content"), you specifically give us the following permission, subject to your privacy and application settings: you grant us a non-exclusive, transferable, sub-licensable, royalty-free, worldwide license to use any IP content that you post on or in connection with Facebook ("IP License"). This IP License ends when you delete your IP content or your account unless your content has been shared with others, and they have not deleted it.
If the intellectual property really belonged to me, then FaceBook shouldn't have any rights to sell out my information! Cheats.

The cat is probably right. FaceBook is doing it all wrong. And it's time people actually know about this. I mean, who really does rad the fine print, who does?!

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