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waterbug n. When a player (usually a guard) possesses extreme quickness, he is sometimes referred to as a “waterbug.” [English Sports & Recreation Slang] [full cite] (Apr. 29, 2007)

waterfall n. Last month, the retirement board, which Aguirre alleges covered up the city’s pension problem, eliminated an accounting method known as the “waterfall” that hid some of the city of San Diego’s pension obligations. Aguirre and outside consultants have condemned the accounting gimmick. [English Money & Finance] [full cite] (Nov. 15, 2006)

waterfall n. Lawmakers use the term “waterfall” to describe surplus revenue. Hube worried there might be no water in this year’s waterfall. [English Money & Finance Politics] [full cite] (Feb. 19, 2007)

waterfall structure n. A single trust might be further sliced and diced to create different derivative securities, each one subordinated to the next in terms of the claim on cash flow. In the event of a default, the highest-rated—and lowest-yielding—security has the first claim to the remaining mortgage payments. The next-highest-rated security has the next claim, and so on, in what the industry calls a “waterfall” structure. [English Money & Finance Jargon] [full cite] (Oct. 2, 2008)

waterlase n. Unlike a conventional drill, waterlase—as it’s called—never touches a tooth. Instead, the tool shoots out a laser beam, combined with water, to quickly ream out a cavity. [English Health] [full cite] (Feb. 7, 2005)

watermark ad n. It would be difficult to find a clearer example of the mingling of real news and advertising than the “watermark” ads The Times started offering in late September. Advertising images are printed faintly underneath a full page of stock-price quotations, with a conventional ad stripped across the bottom. There is little distinction left between news and advertising in the ads, which many editors refer to as “shadow” ads. [ Language English Subject Advertising Media] [full cite] (Nov. 6, 2005)

watermelon n. We have one for the greens—“watermelons” (green on the outside, red on the inside, i.e. closet commies). [English Environment Politics Slang] [full cite] (Apr. 29, 2004)

watermelon n. The keynote speaker, William H. Holms, presented a talk entitled, “Wimps, Weirdos and Watermelons,” in which he stated environmentalists were just a bunch of unemployed welfare-leeching Communists. He suggested that the timber industry should join forces with the farming and mining (oil) industries and mount a “hate campaign” against the environmental community, which he portrayed as “green on the outside and red on the inside.” [English Environment Politics Slang] [full cite] (Apr. 30, 2004)

watermelon n. Major Robert D’Aubuisson, leader of the ultra right Nationalist Republican Alliance (ARENA), likes to compare the Christian Democrats to a watermelon. “Green (the Christian Democrats’ official color) on the outside,” he says, “and red on the inside.” [English Environment Politics Slang] [full cite] (Apr. 30, 2004)

watershed n. Jargon watch: when people talk about “the watershed,” they mean the difference between 8 pm and earlier, when kids might be watching, and 9 pm, when if kids are still up, it’s their parents’ fault. Our show is probably a post-watershed show. Heidi and Sarah’s are perfect family viewing. [English Media Television Jargon] [full cite] (Jul. 23, 2007)

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