> Unfortunately, I'd imagine it exists, but that it basically says "the FTC can do whatever it wants if it thinks a company is being 'abusive' or 'misleading consumers'" with some vague definition of what that means.

Again, this is rather ironic given the nature of what Facebook et al are doing. Vague clauses in unreadable Privacy Policies don't really constitue an adequate defence in the mass harvesting of personal data, yet here we are.