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Based on years of evidence (including a confusing 2009 change in policy), the Federal Trade Commission filed a lengthy complaint against the company, claiming that they "deceived consumers by telling them they could keep their information on Facebook private, and then repeatedly allowing it to be shared and made public."
As a result, the company will be required to undergo a privacy audit every two years for the next 20 years (something Google and Twitter have also been required to do), and Zuckerberg responded with a blog post explaining himself:
"Overall, I think we have a good history of providing transparency and control over who can see your information. That said, I'm the first to admit that we've made a bunch of mistakes. In particular, I think that a small number of high profile mistakes, like Beacon four years ago and poor execution as we transitioned our privacy model two years ago, have often overshadowed much of the good work we've done."
The FTC chairman seemed satisfied, and said of Zuckerberg, "He admits mistakes. That can only be good for consumers."