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Steely Dan – Gaucho Lyrics 8 years ago
I see the narrator as an agent type and closeted homosexual with an obsession with his client. He is pleading with his client to dump his new lover because it's bad for his career, but really, he is jealous. Reminds me of other manager types who tried to control their client's personal lives - Colonel Tom Parker (Elvis) and Dr. Eugene Landy (Brian Wilson).

The narrator is not in the right here - he is losing his cool and crossing the line with his insults "You're a nasty schoolboy...", "Snapping his fingers like a fool". The client does not understand why his manager is so upset because he's oblivious and the attraction isn't mutual: "What do you think I'm yelling for?".

The key line for me that is the second reference to the spangled leather poncho - this time he says "...with the studs that match your eyes."
It's not something a straight man would notice or say to another man if there wasn't an attraction there. In the previous verses, his excuses were always along the lines of - this is bad for your career, this makes us [read: ME] look bad - but this is where he becomes so incensed he slips and reveals the true reasons for his irrational anger.

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