Hiding under the rainbow is when you get caught for doing something wrong (like sexual harassment) and then immediately come out of the closet (i.e. admitting that you are gay). At that point, anyone that says anything derogatory about you is wrong because they are homophobic. See also: Kevin Spacey.
I guess Kevin Spacey thought that now is a good time to hide under the rainbow after he got caught with his hand in the underage cookie jar.
by Goocher2017 October 30, 2017