Jewbama is a bastard variant of Obama, wherein PreZ Blackass removes his nigga mask and shows you the Jewish corporate splendor of what lies beneath the mask:
When talking about Auschwitz while getting anal from a Jew, during which time you say "oh shit" and no one can discern the difference of what you are saying.
As Hayden pounded Jeremy's ass, he let slip an misheard "oh shit". This Jewmata hurt Hayden's feelings and Jeremy was subsequently passed to trey.