Employers have codes to override your privacy settings on Facebook?!?!?

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I just read this online:

"Some people keep their profiles set to "private" to keep others from seeing their dirty secrets. The varying levels of privacy settings that most users know they can set are not as foolproof as they seem. Many companies have codes that can override these settings, letting them see everything on your Facebook page. Even if you delete old pictures, videos or postings, they are always somewhere in cyberspace, and your future employers can find them."

Very scary!!

Does anybody know how often or how many companies use these codes?? Or what specific companies? Or just any additional information about this? Thanks