There's been a few Facebook status updates from friends on my newsfeed declaring their rights over their personal information.
The posts state the user strictly forbids the site to disclose, copy, distribute, broadcast their profile and content which contains private information. Doing so would violate their privacy which is punishable by a quoted law statue. The user announces they are putting themselves under the protection of copyright.
Facebook is a publicly traded entity and is constantly under fire from privacy watchdogs on alleged breaches of information of its members.
Several online sites have declared the post as a hoax with no legal grounds to change or influence what Facebook or anyone else can do with your information.
It's easy to forget that your wall is a public space no matter who you allow to view it. It may feel like it's your domain but you are using a site alongside millions globally. Before you create an account you are agreeing to the terms of service which governs how your information is treated.