DO YOU KNOW THE TERMS YOU AGREED UPON?
Here is a very informative article that discusses the new TOS
Also,Here you can see criticism on Facebook, which i now a multi billion dollar corporation.
What can you do to protect your privacy:
b) Watch what you say, watch what you allow others to see. Your employer knows Facebook exists. They are very likely to Search for you and look for an excuse to not hire you, or lay you off.
c) Make your profile as Personal as possible to browsers and people you don't know or trust. A very nice guideline on how to do this, can be found Here: