Um... even if the Finder tried to open a "private" location your permissions should not allow others to view it.

And why disable it in YOUR account if you want to stop others from using the tab? I would think you would disable it for other users in that case...

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http://www.afp548.com
Breaking my server to save yours.

This hint is how to deal with people who sit at your machine while you are logged in. Having a 'secret' directory placed somewhere obscure (but in plain sight, ie visible) is fine for you to have easy access, but the private folders option is an easy way to find it.

If you were really concerned, you would make an encrypted disk image, but I have always found them a little cumbersome for all but the most sensitive data (ie credit card info, bank stuff etc).