Bangalore: Have you ever felt that your information was never private on Facebook? If yes, then let us reveal the fact that the federal government agrees with it. The agency that is responsible for investigating companies for “unfair and deceptive business practices” named U.S. Federal Trade Commission has accused the social networking giant for its privacy mistakes; this was the conclusion of the Federal Trade commission’s two year investigation regarding the social networking giant’s privacy setting. In regards to the accusation, Facebook has agreed that it has disregarded its users’ privacy setting and therefore it will take innumerable measures to properly protect its 800 million members’ data. The settlement with U.S. Federal Trade commission will charge the social networking giant to acquire its users’ agreement for certain changes to privacy settings and subject Facebook to 20 years of independent audits. This settlement is very similar to that, the search engine giant made on google Buzz at the beginning of 2011.  Last year, the FTC has also settled with Twitter, after the agency charged that the service had failed to safeguard users' personal information.

Speaking to Forbes FTC Chairman Jon Leibowitz said “the settlement demonstrates that his agency “will use every tool at its disposal to ensure that every company, not just Facebook, treats its users’ privacy with care and respect.” A source very familiar to the company revealed that the deal comes as the world’s number one Internet networking company, Facebook is said to be gearing up for an enormous  $10 billion initial public offering in the year 2012.