Lyric discussion by inojamal 

Cover art for Capital M-E lyrics by Taking Back Sunday

this song is about fred and how he talked trash about the band

"the nicest man i ever met was more malicious than malcontent yeah, he taught me how to hold my tongue and wait to strike 'til their backs were turned"

means that when fred was in the band he was just as nice as he can be, but when he left he stabbed them in the back.

Song Meaning