What Can Facebook Do With Your Pictures?

With the recent fakebook debacle I was getting antsy about what happens to the pictures people post on face book. Does facebook own them? So I did a little online search and found some interesting stuff.

Here is the part of terms and services pertaining to the pictures.videos:

You own all of the content and information you post on  Facebook, and you can control how it is shared through your privacy and  application settings. In addition:  

1. For content that is covered by intellectual property rights, like  photos and videos (IP content), you specifically give us the following  permission, subject to your privacy and application settings: you grant  us a non-exclusive, transferable, sub-licensable, royalty-free,  worldwide license to use any IP content that you post on or in  connection with Facebook (IP License). This IP License ends when you  delete your IP content or your account unless your content has been  shared with others, and they have not deleted it.
2. When you delete IP content, it is deleted in a manner similar to  emptying the recycle bin on a computer. However, you understand that  removed content may persist in backup copies for a reasonable period of  time (but will not be available to others).
 

Notice the areas in text with a different font. Those tiny little phrases can effectively change the whole case if you ever decided to take facebook to the court for stolen pictures. 

Non-exclusive: This means that while you can sell your picture, post it on other websites, or gift it away but at the same time facebook can also do the same. Keep in mind if you have a picture you want to sell but you posted it on facebook then a buyer comes along who wants to buy that picture. If that buyer wants exclusive rights to that picture then forget about selling it since you have already given non-exclusve rights to facebook. 

Transferable: Facebook can transfer the rights it has over your picture/video to another party of it's choosing

Sub-licensable: They can sub-license your picture/video or the their rights to another party 

royalty-free:They do no owe you any royalty from what they earn after using your pictures/video

Worldwide license: They can do all of the above in the whole wide world

Now also remember that removing/deleting the pictures from your account doesn't mean crap as they will be stored in facebook's database for who knows how long. People claim that you can choose your privacy settings. They should bear in mind it is the privacy from viewing and not from facebook

If this all is not clear enough to help us wake up, then I am not sure what can.