There are reports of employers asking for the Facebook passwords of job applicants and, in some cases, for current employees. Checking social media sites this way is called "shoulder surfing" because the employer is seeing everything you do, rather than just the public information you want them to see.
If this happens to you, all the work you may have done on adjusting your privacy settings to limit what some of your friends, family and others can see is basically useless. Once you have given out your login information, the company will have full access to your account.
Social Ethical Issues
Privacy: Employers have FULL access to your account and can see everything instead of what you limit to the public (privacy settings).
Reliability Integrity: How reliable are the employers? Can they ensure that the account information won't fall into the wrong hands?
Policies: It is against Facebook's policy to ever give your login information to anyone, so what do you do in this scenario?
http://jobsearch.about.com/b/2012/03/25/employers-asking-for-facebook-passwords.htm
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