Referring to clothing items either trousers or strides in the US, or underpants in the UK. Also used to describe something as no good or useless.
Can lead to some confusion when describing unpleasant underwear.
1) noun: Used extensively on the LIFFE floor to describe the junior employees who did the menial jobs. Often derogatory. Qualifications for female runners were few, and centred around expected giving out of sexual favours.