Facebook has had more than one or two quips about privacy, and now the FTC has accepted a settlement over its allegation that the social network company repeatedly misled its users about privacy.

Facebook was accused of telling users that they could keep their information private and then repeatedly disclosing it. The settlement, won't be a fine. Instead, the FTC will monitor the company closely for the next 20 years and if it screws up again, Facebook could face fines of $16,000 per violation and if you multiply that by millions of users, it could very well put the social network out of business.

Under the settlement Facebook will finally be bound to some rules many people feel like it should have been abiding by in the first place. What do you think about the settlement? Should Facebook have at least be made to pay something? Anything?

[FTC via IBT]