Issue: BB code not working in signature

I have links hidden under BB code in my signature although today the same function is no longer available for an additional link.

I searched the web for the code [URL*=THE LINK]THE WORDS YOU WANT[*/URL] <---This does not work in signature OR below. I basically get what is typed but not the link hidden under the text.

Can some please explain what feature will be used now with the new updates? The Icon "Link" is on the task bar but all it does is show the "LINK" as pasted and not an option to enter text to hide it under. Our previous tool bar made pasting links under "text name" simple at the very least a BB code would operate, however now it does not work. Has this feature been removed from the site if so why do my other 'Links" in my signature appear to operate and are under a code "THAT" I can no longer view even in edit mode. :/ If it were viewable I could copy the exact format and avoid this confusion about the coding.

WITH TOOL BAR ICON "LINK" THIS IS WHAT I GET:
http://www.facebook.com/cris.nowait#!/

WITH USE OF BB CODE FROM NET THIS IS WHAT I GET
http://www.facebook.com/cris.nowait#!/]facebook[/url] <-- Link does not function and does not show under the 'text' "Facebook" I entered

http://www.facebook.com/cris.nowait#!/ <--this is the correct link no coding as you can see it works properly and it is identical to the link above