refers to an older woman who manages a brothel or some other form of prostitution for profit. Synonymous with
madam,
lady pimp,
pimpstress,
mama-san,
mother superior, and jokingly a
matchmaker.
The word comes from Russian, literally meaning "grandma" (although originally the stress is on the first syllable: BAH-bush-ka), probably 'cause a lot of prostitutes in Western Europe (who later become babushkas) used to come from Eastern Europe.
That old lady looking like a graciously aged hooker is in fact the babushka of the biggest brother in the hood.